I really enjoy hotlapping. To me it's fun improving my time, and getting faster, when I didn't think I could. It's also nice to see your name in the ranks, after you accomplished a good time
Like Troy said, work on keeping it tight, and getting on gas early. Don't be afraid of the foxxy getting the rear out.
From experience, try not to copy what the WR guy is doing on T1 exactly. This will probably mess you up, and irritate the crap out of you! You will figure it out on your own, and when you do you will continue to perfect it, and get 107s like nothin. I remember when I couldn't get outta the 1:08s, I just over tried, and now I have a pb at 1:07.3. Just give it time, and when you least expect it will come.
I would like to see different licenses for the openwheelers. Reason I say this is becasue the hardcore openwheel racers don't drive,(nor like) the TBO cars. I think it would be neat to start over with these openwheelers, and see a new crowd go for the highest rank (myself included.)
I would like to see everyone go through the MRT first. When I first got LFS the MRT taught me to be fast, and great car control. This transferred over to me adapting well to every other car in the game easily!
I truely believe that when people give the MRT a chance, and actually learn the car, they will love it.
Check out the series called "Speed Secrets" by Ross Bentley. They are really great, and cover everything that you are looking for. Trust me. A book BTW.
Spectating people online makes braking seem later then it really is. I had the same problem a while back. I thought I was braking way to early, and started braking late, and ended up being slower becasue I was braking to hard..and to late like I saw online. Try braking at about 65, keep left wheels on the gator while braking. Entering T1, stay real tight (in different color pavement). It will feel slower, but isn't! Trust me. DON'T TRY TO OVERTHINK T1!!!