The laws of physics only work in one direction. i.e. if you know where a car is resting, the game can't apply a randomly generated acceleration force to bounce it off a wall, into another car, and onto the racing line.
The only solution, as far as I know, was suggested by Scawen a few months back, and that was to make 'key frames' within the replay that you can hop to as and when. How long that would take to program, and when he is likely to start programming it I don't know.
Another solution that I've just thought of (though I have a large cold at the moment, and the snot can't be helping the thought processes) is to have a time bar at the bottom. Say you know something interesting happens at 10m35 into the replay, but you missed it. So you click GoTo (and type 10m30), and the replay stops. Meanwhile, in the background, LFS nips through the replay at 100x or something, without graphics. When it's ready, it pops up (paused) ready for you to set camera angles etc.
Of course this will only work if turning off the graphics allows LFS to run much much faster, as my PC struggles with 32x, so 100x would kill it.
Just a thought...