I don't have a PS2 atm, but I can give you some pointers. Some options I recommend is:
* All aids off
* Max HP
* Full lowering
* Stiffening the suspention
* Super Soft Front
* Normal or Realistic Back
I think it something like that I use for drifting, and it's fairly easy to do extremly wide drifts.
(Note: I use the analoge sticks for both trottle and steering)