V1 Racer is an interesting project. I do think a simulator can gauge if people have some talent for driving.
HOWEVER, V1 Racer has a problem. They are trying to find someone who otherwise would not have had the opportunity otherwise to race.
But everyone has the opportunity to race. If you can afford a decent PC, and Internet connection to race online you have the means to go racing! You can go race karts for example, and if you don't want to race karts there are other options.
YES it requires MANY sacrifices, and a TON of dedication to race but that's what you need. And if you haven't got enough money... get a second job. If racing means that much to someone they WILL do it. IN MY OPINION if you are not racing now for real you don't have enough dedication that V1 will be looking for.
The only drivers that have enough dedication and passion for real racing are well... racing! You can't MAKE someone dedicated...