Here's an update, I'm 90%+ complete for my El Cheapo cockpit. Here's some pictures as well as a couple of inaugural laps :
http://www.youtube.com/watch?v=qZ5yrpRF8NIPedals made with a Logitech Extreme flightstick.
Steering and shifting from a Black Momo.
Shifter from Autozone, Steering wheel $15 from Ebay.
Projector is a Epson EX50 from BestBuy $650ish.
Boy it's fun! ... I need a PC next.

Cheers!