IMHO the 'essence' of the game is the feel. LFS felt good to drive the first time, and still feels good now. GPL still feels good so i still play it, GP3&4 suck nowadays. GTR is frustrating and GT Legends is my next purchase. I don't see any conversion working to such a limited platform, I cited doom as you had, and cited GTA as it is probably the best top down car game ever. There are several arcade racers available on the J2ME platform and none of them will capture the essence of LFS. If you remove the 'feel' of LFS you have just another racer, in fact you have an ugly sounding and only alright looking racer.
So, sorry if you feel this is a bash, it's not. Just it's an unrealistic expectation given the platform. I doubt you would be able to do real time analysis for a race, even for a spectator view on the majority of phones. Maybe a setup calculator with simulated lap times? (you change the setup then the AI runs x laps) Would be pretty boring (and would take a while to process the laps) but you might be able to fine tune your setup while on the bus?