I have a genius twin wheel f1 I use for every racing Sim, torcs, Nr2003, rfactor. In those I can set the steering sensitivity low so I can have a bit more precision but is there an option like that in live for Speed?
I've been playing with the his setting to no avail, the steering still snaps to the middle when I'm near it rather than giving me those few degrees of wheel turn, and it slows me down a ton. Is this the only settings, or are there more?
You can try reducing the Maximum Lock Angle. It's in the Garage under Steering. It's part of the Setup for a particular car, so you'll need to change it if you ever change cars or load a different Setup.
Alternatively: get an after school job, save up, and buy a better wheel. And an S2 license while you're at it. It's what I did when I was not much older than you, when LFS was first released in 2002.