Ian; I'd be very interested to learn which wheel / pedal setup you invested in as I'm a racer type too and it sounds amazing.
But re dpstjp's request for advice for game recommendations I'm probably not qualified to speak. The only games that I've played in recent history (i.e. several years) are MotoGP on the Wii & F1 on a venerable PS2, so to describe me as any sort of authority would be to overstate matters considerably!
However, nipped to the shops yesterday & bought Rise Of The Tomb Raider which is highly regarded & I have happy memories from playing Tomb Raider games on my PS1 what must be practically 20 years ago.
I'll invest in MotoGP 15 and F1 16 for sure but I'll probably only buy 2 or 3 more. Shortlist: Battlefield 1 (a World War 1 shooter), No Man's Sky (survival type game in a different galaxy, visiting different planets, type-thing), The Last Of Us: Remastered (horror / survival) & Unchartered 4: A Thief's End (action adventure platform game).
I'll try it on the old 40" LCD 1080p TV & on the projector / screen to see which works best.