well its already almost simulated... ive seen 2 wheel XF's going at it, they lean and everything just like a real motorcycle. LFS would just need the gyroscopic effects, which it lacks.
the turbos in LFS are like huge truck turbos... Look at the turbo in the RAC, it doesnt hit full boost till about 8k+, and it only pushes like what? 8 psi? for only 8 psi it should spin up really fast.