I've been looking and there is'nt much in the way of "Good" when you combine it with "free" unfortunatly. Try these
http://www.f1game.co.uk/
Looks abit rickety around the edges.
http://www.fsports.co.uk/formula1/
This is just a prediction game.
www.f1manager.info
Looked good but isnt finished yet I dont think.
www.purefantasyf1.net/En/
This might be good.