@retrolefty
The wheel is easy - it's what I'm trying out right now (it would be even easier if the rubber on the mouse wheel did not peel off due to age!). However, it's a freewheel (obviously) so only one direction is registered, and I'd like to have both. Also, the inertia is too high for my purposes - I will not win Split/Second season without delicate control of the throttle and brake 
@robtillaart
I have thought of this, but did not know I could detect the direction... Could you explain that in more detail?