It would be nice to have an option for 360° steering accuracy on the gamepad for the left thumbstick, which is capable of giving 360° rotational capacity which hasn't been utilized by any sim game I know of. Would be nice to have it in studio 397 rFactor 2.
There are some software that tweaks the input. Like x360ce for the XBox pad. What you want is a mixing of left/right + up/down to simulate another channel ... Maybe there is one software able of doing that. Most common way is to use only left/right with a non linear behaviour to make possible to do hairpins with a short "throw" but fast ... I was using x360ce on iRacing and it was really working well (No multiplayer, only solo).
I use Xpadder on Omsi 2 (Bus Sim), works great although I am not sure If It will do what the OP Is looking for.