Unfortunately, I'm not sure how good the Final Lap series works with a 270 wheel (I use a 360 wheel).
At the time I built my cab (a year or so ago) I really wanted the Final Lap series to work well. I've not tested Final Lap 1, 2 and 3 in the latest version of MAME, but certainly on version 0.147 (The version I am running) these were the problems I observed at the time:-
Problem 1: Final Lap, Final Lap 2 and Final Lap 3 all have the same continuous 'buzzing' noise as soon as you enter a credit. Its really annoying and makes them rather unplayable (IMO). I can't seem to do/select anything to make it go away.
Problem 2: Final Lap, Final Lap 2 and Final Lap 3 all have the same weird graphics glitch which when you go past certain signs at the side of the road they flash momentarily enlarged on the center of the screen. Pretty distracting, but no where near as annoying as Problem 1.
Problem 3: Final Lap R immediately after you choose your circuit, the screen momentarily gets filled with rubbish (for about half a second), then is seems to sort itself out and you get to see you car on the starting grid.
Problem 4: Final Lap R while playing the game there is a thin green/white bar at the bottom of the screen which scrolls left or right when you turn a corner.
I ended up hacking mame to improve problems 1 & 2. To get rid of Problem 1, I managed to work out the addresses of the sound ROMs that were causing the buzzing, so I stopped mame from loading those addresses. To get rid of Problem 2, I worked out how mame was enlarging the scenery bitmaps, and stopped mame from printing stuff that went beyond a certain zoom factor. It all sounds pretty hacky I know

, but it made things much more playable. If you are experiencing the same problems and would like me to go into detail how I hacked mame let me know (or if you'd rather not tamper with the mame source, I could alway upload my older version of mame for you to try)?