Steering Wheel

The proper grip of the wheel is at 9 and 3 (9:15), with the palms on the outside diameter of the wheel, slightly tilted down so that the heel of the thumb presses against the face of the rim, and with the thumbs hooked inside the wheel and the fingers curled around it and under it's spokes.

The width of the wheel, as well as it's texture and that of the gloves (if used) should allow for good contact and allow to maintain this kind of grip. This grip creates the widest leverage between both hands, so they operate as balanced weights on either side of the wheel.

 Any higher (as in the traditional 10 to-2) would make the hands work like one big hand, so that when you turn right, the weight of both arms acts as a "dead weight" that pulls the wheel further down and right than desired, and we need to activate other muscles to cancel this out. A lower grip (like the newly found 8 to-4 grip I've witnessed) further limits steering since the free movement of the arms is in part obstructed by the sides of the torso.

 Race Car Setup: http://www.asmraceteam.com/page/race-car-prep/3/