It's possible to watch a replay on one screen, and race on the other, if that's what you're asking. Just open two instances of LFS. If you want to watch the same race you're in (say a different camera angle), I don't believe it's possible unless you have two accounts. An alternative is to use LFS Remote if you're racing online.
It used to bounce about 15 times before it opened before, so I'm happy with how many bounces it does now. I'll be switching out my CD drive to an SSD someday soon.
Here's the two, comparing the first (Logitech Momo Force, Red) and second generation (Logitech MOMO Racing Force). The original MOMO had 270 degree lock.
The point is it helps me when I create layouts, I trace the outline of my car when I'm free-drifting. If you do hit an object and it throws you an OOS, just rewind a bit.