This race is one of the few that seems harder to beat after the update. I got gold in Spec I and I'm a much better driver now than I was back then.
Keeping in mind that this is just about my least favorite car, at my least favorite track, with greasy S3 tires, I did manage to get gold in Spec III with the following tune,
with about an hour of tries.
This event is all about the driver. If you let the AI cars hold you up you're doomed, so cut inside and take the corner away from them.
You need to be running 8th coming onto the banking and 3rd, close behind 2nd, coming out of the chicane
Auto or Manual Transmission
Power: +0%
Weight: 100%
Tires: S3 (Event Specified)
Height: 0 0
Springs: 3 4
Dampers: 3 4
Toe: +0.10 +0.50
Camber: 1.8 1.3
Brakes: 5 3
Max Turn: 50 (you may want less than 50 if you find the steering too sensitive)
ABS: off (the ABS just slows me down too much, but be careful since the car will upset very easy going into turn 1. You have to keep some throttle while you're braking here.)
TCS: off
Gears:
1: 3.906
2: 2.007
3: 1.568
4: 1.283
5: 1.074
6: 0.904
F: 4.295