I think that an online "driving school" and theory of car racing is something who's time has come. I think that the organization and time that is required for a live school is just not practical though. Real race schools can operate because they do it full time and can make a living at it.
I've read many books on racing and driving theory, but many people can't be bothered to pick up a book for themselves. I've also seen some videos, but most of them are woefully outdated (Skip Barber's video, for example). The principles are all sound and apply to LFS as well as real cars, but the production values leave something to be desired.
I think that the best approach to this, and the one that is most likely to be used, is a series of training videos. It could start off with the basics of setting up the game (FF settings, controller settings), cover driving theory (oversteer vs. understeer), car setup, what the different flags mean, what racing line is best and why, etc. With Kegetys excellent ghost mod, we could even distribute training ghost files. Perhaps use a somewhat moderate pace at first, just so the person can follow along and get to know the proper line. Then move on to a faster run with proper braking points and apexes, then finally a full-out lap (race pace, not hotlap) that newbies could strive to beat.
I think that the visual component of the videos would make it easier for people to use, and the interactive ghost would make people stick with it, unlike a book or website that would get boring quite quickly, no matter how interesting the material may be.