connect your touchscreen and move your sliders to that extended desctop
That is a good idea. Would be great to adjust the effects in realtime with touch control. And I can't say this often enough

the sliders are a great option to adjust a profile without leaving the game or stopping the converter.

With a "good" basic profile it makes adjustments to a different car or track very fast and easy. Of course - naturally within logical limits. You can't change from a 100hp road car to a 700hp open wheeler with not changing some maximum values and just pulling down the sliders.
In your video the latency on the navi/handy seem to be pretty good with an active sync connection.
I tried something similar before with the android version of "idisplay"
http://www.getidisplay.com BUT I was not able to connect my handy (galaxy s2) with usb and had to use wifi. The latency and accu-use was horrible.