Just started the new F1 event
Can be done in one sitting and has 3 hours of servicing and upgrades
Event 2.4 is a bit of a curve ball. I had all 3’s upgrades and the event is finish within the time limit and don’t overheat
After about 10 attempts of assorted red flags in the event, even though not stated, is no damage or off track
(I believe I did some off track in minor incursions on occasions without being red flagged)
I either just ran out of time within a second, or Just overheated on the line
Tried no brakes, cross country, and no results
I resorted to all 5 upgrades and did it easy
Edit - 3.1 states no damage and takes it seriously, but you can cut grass without penalty 
2nd edit, I forgot to mention, in 2.4, drafting assists heating the gauge, but being drafted almost seems to help