Finally!!
An update for the 2011 F1 mod is out, and it is much better than V2.01. Still twitchy and all, but the rear doesn't fly out on you suddenly like the last version did.
Still has supersoft, soft , medium, hard, intermediates, and rain tires (I like this option as it makes race strategy more important in the game).
And.... it has a template!! You can now paint your own car. The PSD file is very difficult to read, but I'll figure it out (someday). It doesn't use the Simbin CustomSkins Folder style, but I think I know someone that can fix that.
Anyway, the mod is available at F1 Classic and it is a blast!!