Here's a basic rundown, on what I feel each piece changes.
Car specific statements are in regard to the Nissan GTR SuperGT cars, specifically, the Yellowhat GTR.
Ride Height
Higher gives more acceleration grip, lower gives less. Overall I turn the same lap times with either, but I find them harder to hit with a low setting, I believe lower is faster in a straight line, so may be very useful on high speed tracks.
Springs
Stiffer equals sharper response, more loss of grip over bumps, faster tire wear, overall faster lap times for me generally. Softer requires more precise steering inputs, but absorbs bumps better, losses traction less easily, and helps with tire wear. Generally slower lap times for me.
Shocks 1
A setting like this (lower number front then rear) reduces over-steer when accelerating, at any speed, helps control exiting corners, because the rear isn't sliding as quickly. The opposite (higher front then rear) helps an under-steering car rotate when exiting, something I've never needed with this car. - On acceleration only though. (keep in mind, this goes in tandem with accel lsd settings)
Shocks 2
Works under braking, same as above essentially, this car under-steers a bit under braking stock, so I put the front higher then the rear, the opposite is, well, opposite. (keep in mind, this goes in tandem with lsd decel and BB/ABS settings)
Swaybars
In tandem with springs and ride height somewhat. Stiffer equals faster cornering for me, worse tire wear and worse over bumps, softer a bit slower, better tire wear, just like springs, softer requires more precise steering input. Higher number on front induces over-steer, higher on rear under-steer.
Camber
A big tire wear factor in GT5, higher makes you go faster, but wears tires out quicker, I use this as a tool depending on balance of the car, but typically higher front then rear is best for me. Can be used for under/over-steer issues if needed, but since the rears like to wear out first on this car, I go low camber on the rear, using the rest of suspension to give me the balance I'm looking for. Higher camber also has more benefit with stickier tires, and lower, stiffer suspension settings. But again, at the cost of extra tire wear.
Toe
Negative front toe lessons steering response, positive increases it. Negative rear toe increases speed of rotation, meaning the car can become very snappy, and also lessens rear grip. Positive rear toe increases rear grip, and decreases "snappyness" meaning the car won't react quite so quickly, and you'll have more grip, especially exiting slower corners.
Toe, especially rear toe, has more effect on slow corners then fast, a good tool for sorting low/high speed corner differences. Positive toe also makes tires wear faster, so use it when you need it, but don't use more then you need.
LSD
Lower equals better cornering, allows the wheels to spin at different speeds as they naturally have to by demand of physics, meaning the outside tire must spin faster then the inside tire, because it covers more distance. Lower also prevents spinning the car out when you break a tire loose, because while the inside tire spins, the outside (grip tire) keeps cornering traction. A setting of 5/5/5 makes it very hard to spin out.
Initial torque is just how quickly the lsd will activate once slip occurs, whether decelerating or accelerating, a higher initial results in that God awful "see-saw" motion. I never run higher then 9, usually 8.
Brakes
Set lower makes it easier to brake in small amounts, without slowing down more then you want to, it's something I picked up from fast guys in racing online, also helps reduce tire wear.
Lower numbers do take a slight bit longer to stop, but I've never noticed while racing tbh. I set front a bit higher to intentionally wear the front tires a bit more, because driving on good fronts and bald rears is bad news. Also under-steer is easier to manage, especially in critical times of hard braking.
ABS 1 is the fastest of ABS settings, though a setting of 2 helped me until very recently as I've started working on my trail braking, but if you're allowed, 2-3 can work very good, and ease on your tire wear.