Hi Falcon.
Yes Race07 is very tweekable, much like GT Legends which I think it shares most of its game engine with. You have options for braking assist, steering assist, auto shifting, auto clutch, auto reverse, spin recovery and traction control.
Much like the Strike Fighter series there are other games and expansion packs that will integrate with Race07.
Also both GT legends and Race07 are very moddible. There are a few websites but I find www.NoGripRacing.com to be a good source for mods. The file structure is reasonably simple to follow and adding mods is about as simple as adding them to SF2.
Hope this helps.
Mikeymead.