Closer gear ratios would improve acceleration but reduce high speed. Longer would have the opposite effect.
They have removed this from real F1, they now make you run the same ratio all season (which the teams set at the start of the season). But i think if it was introduced in such a way that you where forced to run the same ratio for say 5 races which would stop people changing for every race this would bring a new level of planning and tactics. Italy and Singapore would need very different ratios for example, so which one do you plan for or do you plan to make sure you can change ratio after Italy??? Hmmm, yes I like it if your forced to use this ratio for at least 5 races.
I'm all for simplicity....
setup settings sums it up.
Gear ratios, angles,brakes, weight ratio, and the rest of settings that work in conjunction with one another are significantly complex to pick and choose which component to integrate into what already is a very interesting game to play. An extreme steps breakdown will be required to achieve overall balance in the game.
I like Don Marco's suggestion to Fabrizio's initial idea.
Make it so that all drivers are subjected to the same race factors. With that said, Hamlet's point of simplicity also makes sense.
It's doable, just not as easy as 1-2-3.