Thanks, all, for the contributions. I am was definitely talking about the FOX, i.e., Formula XR. If you can do a lap of AS Club in the FXO (fwd sedan) in less than 1:03 then my hat goes off to you.
I'll try jacking up the nose on my comfortable set and see what happens. If this makes me, say, 0.5 secs faster per lap, then I will certainly use it in online races.
I used to play a lot of NR2003 and although hardly a setup expert, I knew enough to know that some of the camber and caster settings being used for fast times in that game were pretty unlikely. Didn't stop me using those setups when I could get them. I see the exploitation of the aero bug in LFS as a similar issue.
Of course I welcome the day that a patch fixes this bug and rewards more realistic setup policies. But while it's out there, I cannot see why I should handicap myself. Many of my opponents may be exploiting (or "exploiting", if you prefer) the bug without even knowing that they're doing so, because they're using a set they got from some fast person online.
(Having said all that, no doubt I will launch the nose of my car skywards and still clock 1:03.2s...)