I decided to texture the wheel as I know It wont need any adjustments to the model and for rfactor 2 the texture for the wheel has to be on a separate texture sheet. I used xnormal to bake my normal maps and ambient occlusion maps. The normal map needed some fixing as you will always get errors baking something circular. I used Ndo2 to add some more details too like the tyre tread and text on the side of the tyre. This is the normal map, Diffuse and specular maps I made.
And heres a pic of the textured applied to my model in marmoset toolbag.