I was interested in calculating the lap times. I decided to use the qualifying times and get fastest, slowest, average. Annoyingly ACC makes this difficult as you cannot accelerate time in the game. You can skip to the race and it will simulate qualifying, but even more annoyingly does not show you lap times, only grid slot before race.
It was slow and laborious, so I only recorded two sessions, one at 80% skill (the lowest) and another at 100% skill (the highest). I also decided to do it at Monza. Here are the results.
Obviously by performing more tests at different tracks I can refine the data further, This was just meant to check my methodology and provide a rough guide.
So to use the chart look for your lap time then find the skill. If your time at Monza was 2:00.00 flat then setting skill to 85% would put you on pole, putting it to 95% would put you in the middle of the pack.