Don't feel bad. After 6+ hours of attempts, I have yet to complete a full lap of the Ring in the car.
However, what I can do, I can do fast.
OK...this is what I did with the event settings to actually drive around the track once and get 5:44 (tried again after completing alt account, and got 4:55) on my main account, then 5:27 on my secondary account:
Traction Control = 3
ASM = On
ABS = 1
FF Max Torque = 1
FF Sensitivity = 3
I tried various combo and found I get to be a bit more relax when setting the Torque = 1 & Sensitivity = 3. The car still skips, but it felt a bit more manageable with my G27 wheel. About the 5th or 6th tries, clean lap.
Only accelerate on straights, coast or gently ride the brake for the turns.