First a decent setup i found on this site, which helped me (driving a lotus though):
Aerodynamics
Front Wing Angle: 9
Rear Wing Angle: 7
Braking
Balance: F 46% - R 54%
Pressure: Medium
Brake Size: Small
Balance
Ballast Distribution: F 60% - R 40%
Front Anti-roll Bar: 7
Rear Anti-roll Bar: 8
Suspension
Front Ride Height: 2
Rear Ride Height: 2
Front Spring Stiffness: 7
Rear Spring Stiffness: 8
Gearbox
Gear 1: 112 kph / xxx mph
Gear 2: 138 kph / xxx mph
Gear 3: 163 kph / xxx mph
Gear 4: 188 kph / xxx mph
Gear 5: 216 kph / xxx mph
Gear 6: 243 kph / xxx mph
Gear 7: 273 kph / xxx mph
Engine
Throttle map: Fast
Fuel: N/A
Alignment
Camber front: -1.50
Camber rear: -3.50
Toe front: 0.15
Toe rear: 0.50
The next, and imo most important thing in monaco is to drive smooth, dont push it to hard. let the car do most of the work for you (hard to explain
If you don't have already done this, try a few round with active racing-line. The most
important corners where you can loose seconds over seconds are "Sainte Devote" (Turn 1)
"Massanet" (Turn 3) and the two harbor turns Tabac and Piscine Chicane.
With active racing line, the breake point into Nouvel Chicane (just after tunnel) is set far too early. Try to break @ 100m sign on your right or just a little earlier.
Here a complete lap in monaco (hope i remember it correctly, can't play right now) with active racing line:
Gear 7 full throttle to saint devote, break just before the line turns red into third gear (when you feel comfortable it's better to use 4th, but you have to hit the turn in perfectly)
Gear 7 full throttle through beau rivage, break swiftly into 5th gear once the RL turns dark-orange and smoothly drive through Massanet, just shift down once (4th gear) and smoothly again through Casino.
This one is the first important part. As i said earlier, drive smoothly. Pushing it to hard in this part makes you loose time. Again: 7th down to 5th, half-throttle, down to 4th, accelerate.
Easy on the throttle now, cause of bumps. You should reach Mirabeau in 5th gear, breaking hard and early going down to 2nd.
Easy an the throttle again, 3rd gear, hard break into 1st gear following the RL through the hairpin as slowly as possible. acc into 2nd gear, break and roll through 2nd Mirabeau.
Shortly acc, stay in 2nd, break early(!!) for Portier to get as early on the throttle into Tunnel.
Second very important set of corners, espacially the exit of portier is vital. break early to get early on the throttle.
Exiting the tunnel break later as the RL says and this time really push the car through Nouvelle Chicane in 2nd. Hit left curbe, pull it to the right over the inside curb and as soon as you have the car straightend up, accelerate. Be careful on the throttle while inside the chicane though.
You should reach Tabac in 6th gear, break swiftly and shift down to 5th. Halfway through Tabac give it full throttle and go full speed through Louis Chiron reaching Piscine in 6th gear.
Break into 3rd and try to hit this turn perfect so you can accelerate soon going into 4th as you go for rascasse. Break hard into 2nd, carefully acc a little and break early again so you can go early on the throttle for the finish-straight.
The only really challenging corner imo is Sainte Devote as you can drive of the track here. If you want to train this part, just start a quali and hit "Flying Lap". This way you can train this corner 3-4 times per Minute. Just drive the corner, quit, retry.
I hope some of these tips are usefull. Set on easy (no driving aids on, no tire sim) it should be possible to drive a lotus on podium. Can't give you a time though since F1 2010 sadly doesnt have statistics, that let you review times in career mode.
Greetz
