Sounds good. What's your PC setup? I can't remember what in-game settings I used to use, think it was everything at medium (I have a 7700K + 1080ti).
8600k + 1080 here and I'm quite GPU limited on my Samsung Odyssey, as it's quite a few more pixels than Oculus. You can probably have high settings than mine below with a better GPU and less pixels to push.
In SteamVR
Resolution: 200% (I think this is a value of about 1.4 in Oculus)
In launcher:
AA: 3
Post Effects: Low
In game:
Circuit: High
Player: High
Opponent: Medium
Texture: High
Texture filter: x8
Special FX: low
Shadows: off (this is not to increase performance, just that I have a rare shadow bug that I prefer not to be distracted by)
Shadow blur: off
Soft particles: low
Rain: low
Road reflection: off < very costly in VR, best to turn off
Env reflection: off < very costly in VR, best to turn off
Visible vehicles: 18
In the player.json file, located in Steam\steamapps\common\rFactor 2\UserData\player
"Garage Detail":0.01, (this turns the detail way down of cars in the pits)
"Opponent Texture Override":2, (this gives opponents high res textures, despite them using medium detail models.)
Rearview_Back_Clip":50, (this clips the rear view to 50m) < very costly in VR, best to keep below 150m
With that, only the GT3 cars give me any framerate issues.