Hey,
ehehh sorry about the comment about the website..eheh I guess I was looking for some more explanation. (since I am a little slow)
No apologies needed. The web site is not the best, for sure, and if it was better, I wouldn't need to post answers here, right?
but you gave it to me here,..thanks. I played with those settings and got it working "somewhat" but it still does not run very good and its hard to control. not sure if its the madcatz wheel or something else
Try this: start ssprint and press [f2] key to go into test mode (it won't go into test mode until the first track, though). press player 2 start twice to go to the steering wheel test screen. And test turning the wheel (right is easier to read, BTW).
If the number jumps from 0 to a number with absolutely no inbetween (maybe some unsteadiness at the top end, though), mame is seeing the wheel as digital input. The problem two down can look like this one, if you turn the wheel too fast.
If the number doesn't move for a while, but changes after a while, but not in one big jump, as above, you have a large dead zone.
If the number starts with 0, 1, 2 but then jumps to near the top numbers, then again does a slow count (10, 12, 13, for example) at that end, the wheel has a high acceleration in the middle, or mame's sensitivitity is too high. This can sometimes look like a digital problem if the wheel is turned to quickly.
If the number changes constantly, but too much (0, 8, 10, 18, 20, 28, 30 in hex for example), mame's joy/key speed is too high, or maybe mame's sensitivity is too high (or both).
Problems due to (or partially due to) dead zone, acceleration, or digital reading you can't fix without a good driver, or maybe editing the source code.

BTW, pole position will aways has problems (unless another hack is done), but super sprint, offroad and the like should be okay since the hack was designed for those in mine (not arcade perfect, though).
But the best solution would be...
..so I will go to plan b for now. Lightgun first? but then I read there are many problems with it too.
...What about making a 360 degree spinner steering wheel?

With lightguns you might wait until .62 comes out with the rumored fixed. [shrug]