Yes, this is such a great game and it's a shame it was never fully simulated.
There is a Monaco GP at the local arcade (Arcade Amusements in Manitou Springs, CO). I'd rate it as one of the best driving games of all time. It's such a pure reflex/skill game, I still enjoy it today. The steering wheel almost seems to physically control the car on the screen (hard to describe, it's just extremely accurate).