I think the problem is to figure out how much realism would still be fun. I remember trying Imola with GTR2 and I can't say it was nice. Parkinglot exercises are not my favorite occupation. I understand IRL they serve their purpose but for me there is no risk and I don't really consider them a challenge.
It would be interesting to change an LFS track so that it has the chicanes at the right spot and with the right speed reduction. I wouldn't be surprised when a lot of people would beg to have them removed.
In the end chicanes were invented to remove the adrenaline parts from tracks were IRL people could get killed or at least seriously hurt. But when you know, for example, the reputation of a turn like Masta within the GPL community, it is possible that these risky situations is what Sim Racing is all about.