Using Logitec Driving Force Ex, and currently not using any FF, return to lock or anything fancy on it atm.
I prefer holding the hands pretty far down on the wheel, with a light grip. This helps to straightening the wheel up faster and to push the various buttons easier.
But with intence racing I automatically gets a high grip on the wheel, and holds is so hard I usually gets white knuckles and with long playing I might even get these little ..uhm on english I don't know the word for it, brush? / scratch wounds?..
But I try at least to use the ligh and low grip, using both hands on the wheel most of the time too. Only time when not two hands on the wheel is when I write while racing, 1 hand on the keyboard and one on the wheel.
Edit : The wheel can be turned a total of 180 degree lock to lock.