I honestly don't know how detailed LFS simulation is, but in the real world you'd want to use relatively high tire pressure (though too high can also hurt your economy). Also, excluding factors like the ECU changing the fuel/air mixture, engines run more efficiently at fully open throttle than at partial throttle. High camber angles might also reduce rolling resistance.
Set toe angles to zero, and use fully non-parallel steering to avoid tire scrub. An open diff would be wise too.
Depending on what car you are using, you should also also minimize downforce.
Suspension should be soft springs, soft dampers, hard roll bars. What you want to do is minimize body movement, since any energy the car puts into moving the body is wasted from moving the car forward, though honestly this is a pretty minimal effect. Soft springs and dampers will minimize movement from bumps (though what body movement you do get will continue for a while from being underdamped), while hard roll bars will minimize body roll in turns. Unfortunately, these settings will make the car hard to control, so don't go overboard or you will just lose too much speed trying to corner effectively.
Honestly I think tweaking the suspension will cause more losses from bad handling than you save from reduced body movement. I'd just go with a slightly soft but good-handling setup and leave it at that.