Posted this in a PM but may as well post it here too..
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This is what I'd suggest in order to get into the habit of making your own setups.
Pick a track where you are good at.. so that you don't need to learn the track and the setups at the same time.
Do your best time in time trial mode. Exit, so that it stores that time in the records..
Choose a couple of people who are slightly better then that time (takes some time to scroll through the list but it d be worth it) like 2 tenths, 5 tenths 1 sec etc and load up their ghost files against yours.
Race against their ghosts and see where they are quicker. If it's faster corners, add wing or move weight to the front (and turn in early and hard for those corners) which means more speed carried through.
If it's the straights take off as much wing as possible. If it's medium speed corners work on balance.. or on the corners leading up to it.. like at Valencia.. the exit of the slow corners before the fast corners in S3 are the whole key to S3 as you carry the extra speed through the lot of them.
If it's slow corners work on suspension.. anti roll bars and susp changes the slow corner balance.. but it also changes the overall wieght transfer left to right.. so anti roll of 8 5 is different to 10 7 or 7 4 etc etc. For smooth tracks stiffer the better, but if you start sliding in places you don't usually, you know it's too far. Fast corners like stiff springs, traction or bumpier circuits like soft springs.
It's like you are reverse engineering their setup but it also teaches you valuable tools for yourself. Much better then if they sent their setup to you. So if you had a wet race on 30 secs notice you could do a good guess for a stable wet setup.. or if it's a race that has no tyre wear.. or to be stronger under braking etc.
After you start doing the same thing for a few different tracks, you'd start to notice patterns and habits. The setups wouldn't work for full fuel properly but it shows the "optimum" for each corner which is a nice base to work with.. before adding some stability back to counter tyre wear. Something that's easier to do when you know how and why your setup works. The changes to make it stable are minor tweaks rather then drastic changes.
The time trialing is less about rhythm and more about banzaing every corner, but it still helps to find the groove and where the cars "rails" are supposed to be. The setup just helps to make it so the car follows those rails with the least resistance possible. It's more ideal to do it in a practice session with full fuel but that is also more time consuming and in and out laps can be frustrating in order to make changes compared to "return to garage" and jumping straight to the flying lap.
If you wanted to post any questions and I don't see it, PM me, as I mightn't check this topic very often. I've typed alot of crap lately, it's lucky this stuff is so fun.

Hopefully this topic can help people who are new to the whole F1 setup thing. And be used as a reference if needed. I know it can get complicated but I learned this stuff many years ago and haven't had to since. It helps to jump straight into anything and then it's just a case of calibrating yourself with that games way of doing things. It's ALOT more fun to feel it all in your hands vs typing or reading it on a page. Until you get to that point, it can help to read about it though. A necessary evil.
Edited by HoldenRT, 29 June 2011 - 00:56.