I had the same problem 'til I finally found a couple of guides that
really helped me out a lot.
Now, I can get pole position every race (but tend to either never
finish or come in last because I always hit someone else and have to
pit too often).
Anyways, there are two excellent guides. One is called "F1 Challenge
Driving Guide" written by Craig Cookson.
Looks like there's an online version here:
http://w3.enternet.hu/iroland/html/F1C-DrivingGuide.htm
but you can find a pdf file here:
http://forum.racesimcentral.com/forumdisplay.php?s=260b2c5c71b835ba37...
Also, there's a guide called "Happy's Advanced F1 Setup Guide."
http://www.kiwisim.net.nz/filemgmt/singlefile.php?lid=15
Print both of 'me out - they make great bathroom reading.
I went through and hilighted the main points and sat down and tried
'em all out.
The biggest difference you might notice for cornering is the camber
settings for your wheels. Give them a more negative camber.
Look at the diagram below. Tilting your wheels IN at the top results
in negative camber. What this does is force your wheels back down onto
the track as you corner, resulting in better grip.
0 CAMBER NEGATIVE CAMBER
+ |---| - - |---| + /---/ ---
| | | | / / \ \
| |-------| | / /--------\ \
| |-------| | / /--------- \ \
|___| |___| /___/ \___\
I usually set my camber at about -4, maybe -4.5 degrees for the front.
Not quite that much for the rear.
Hope this helps, but get those two guides and you'll be surprised by
how much they'll help.