I certainly think it is I'm very much an open-wheel driver, too. I SLASHED my pb at BLGP w/FOX last night by a whopping *cough* .03! ... a 1:07.78 (with a draft). That's using the sequential paddles.
I was having a lot of irritating calibration problems with the MOMO tho, so the purchase was a bit of a no-brainer for me.