I am currently using 100% linearity, 70% FF strength, 30% damping, and 30
msec latency correction with my Momo Racing wheel. Changes from time to
time but in general I think it helps to use as much linearity as you can
stand, keep damping fairly small (but not 0 or you will lose some of the
weight transfer feel), tune strength to taste, and use as much latency
correction as you can get away with short of spiking. Several of us have
played with this and it really seems like more latency correction is better
as far as transient handling is concerned, but on many systems you can't use
much without getting spikes and other anomalies in the forces. Use the road
courses and the <fast> setup to set your latency - both the transient
handling problems and the spiking are more noticeable on the road courses
than on the speedways. Boost it up until the forces feel in phase with your
steering, but back it off if you get unrealistic spiking or tugging at the
wheel.