The first time I tried a wheel I hated it. It was Gt Sport with a G29. Tried a few times and put the wheel away for a couple of years. Now I refuse to play with anything other than a wheel. If you're like me it'll take several hours to start to feel good. Totally worth it though.
IIRC I used 4/2 as my in game settings. I don't believe controller sensitivity does anything with wheels so I left it at 5.
I personally started with low power (600pp and below) road cars on sports hard/comfort soft tires, on a track I'm familiar with. You'll start to pick up steering angle on corner entry pretty fast. Try to apply as little steering angle as possible as too much simply slows you down and causes understeer.
For me, getting good at counter steering to correct those small moments of oversteer was the hard part. To this day I still feel like it's more of a subconscious reaction rather than a deliberate move. Hence it's a skill that can only be learned by failing many, many times.
Stick with it, it's very much worth it imo!