So far I have no idea what the particular "USB Racing Steering Wheel" you're planning on using is or does or how it might be driven. Do you think providing a few more details might be useful? A specification or user manual for the thing perhaps?
I´m not sure about standards used in USB racing wheels, but lets say that i have a Logitech G27, but maybe the HID is enough for me? At this point, it would be great to have steering, and two pedals working.
Force Feed Back and other buttons are dream... but lets start from the basic.