Project Cars have been updated to patch 2.0 which includes, among others, improved Oculus Rift support. This update includes Oculus 0.6.0.0 SDK support, enabled positional tracking in non-helmet player camera views, implemented initial menus and HUD support, auto reset player view position at the start of a race, and disabled all non-VR-friendly scripted pre-race camera sequences.
What does this mean? Well the menus inside VR are still very simple and out of your field of view to the left. As long as you know which menu option you need to change then you can guess which one to select. The biggest improvement however is you no longer need OBS to select the menus while in VR mode as I described here.
All you need to do is make sure the Oculus is in Direct mode and menus will appear on you main monitor and when the game launches it will be in the Rift. Easy!
With this new update this Project Project Cars my new favorite VR racing game. Beating the still a pain to work with Assetto Corsa.