It took me around 200 tries to beat it. Definitely the hardest challenge so far through the first 50 I've done (only 10 to go).
Dozens of times I was in position to win, but screwed it up in some stupid way, until finally I did it.
If your first lap isn't better than a low 1:24, you might as well restart as it will be near impossible to win. My best first lap was a 1:23.118, which was pretty darn fast, but on the run that I finally got gold I had a 1:23.9xx, having to make a pass in the very last turn of the 2nd lap.
You can definitely rub a car off (that sounded bad) if needed, just don't be overly aggressive to the point where you hit a car. I was rubbing fenders in the last turn to make sure I maintained my position for the lead.
It was a fun, yet frustrating challenge and is worth it when you finally win it. I never thought I would, but I'd put in about 50-60 tries a day, and each day got better until finally achieving gold.
Also, playing with as few aids off as possible makes you faster. Yeah, the car may be harder to control at times, but those aids also slow the car so it's more controllable for the user, but that costs time. I only play with ABS at 1 (everything else off), and only use ABS at 1 because ABS at 0 doesn't work so well with the G27 wheel.