Well unfortunately, when things like this are multi purpose, compromises have to be made...
If that setup were mine, i would remove the tall section of the desk which the TV is stood on, and put the TV on the main part of the desk. You should still be able to fit your SkyHD box to the side and underneath of the TV, then you just have the inconvenient part of removing and replacing the wheel when you switch from tv/movie watching back to racing and vice versa.
You are getting the best possible of both worlds with that solution, but unfortunately it's not perfect...
EDIT: Is that a series 5 btw?