You can run all 3 types of games, I used to, but now just play FPS when I'm not working in my cockpit. Something about the mindless fun of playing the same old shooter you've played for 10+ years heh!
When racing, if you prefer a proper race driving position (ie wheel high & close to you), all you would need to do is loosen two knobs and lower your steering wheel some, and then slide your seat all the way back, rotate your keyboard tray in front of you, telescope it away to good position and your ready. Likewise, if you want to fly (centre stick), instead of rotating your keyboard tray around in front, just slot your stick (while already attached to the oZone flight stick mount) into it's mounting post that's already bolted onto the frame, tighten a knob down and you're gravy.
When not flying, I would always just pull the stick/mount and lay it on the floor next to my cockpit just to get it out of the way.