As Prblanco just said, it's a very good tool to give you the initials, like the total altitude difference between the highest and the lowest point of a given gradient - although be careful, sometimes even that's not accurate at all. But mostly it is. It really is the development of the last year or two - earlier, I found most of the Google Maps/Earth elevation data to be useless.
Onboard shots, I also take with a pinch of salt - my most preferred technique is to get a high quality race video full of outside TV cam shots and just visualise the reference points, e. g. in this section the fence moves out of sight at this point, the track falls away at that point, etc.
Otherwise, I can only echo Prblanco, he really highlighted the most important points pretty well.
Note that elevation building is the single most difficult part of track-making when it comes to accurately modeling real world circuits. Judging angles comes close.
Speaking of angles, you sometimes have to take into consideration how the camber will affect the given part of the curve you are adjusting, it might have a major effect. This goes for bank angles as well, if you are adjusting them later. Setting angles is also especially hard, because there's even less data available for them. Only sporadic - e. g. I've read somewhere that the Shell Oils hairpin at Oulton Park is banked at 10 or 12 degrees and it come in handy. The only track with full camber data is the Glen, which provides info on its official site.
EDIT: As for elevation, before you start, dig really deep into the depths of the internet to get an elevation profile - and I mean, REALLY deep. The time you invest in this will come in handy later on, when you do the hard work of editing. E. g. I've found a profile which proved to be spot on for the VIR on a scanned page of a car magazine... Or an old photo of the Brands Hatch Indy circuit profile on the 10th page of a Google Images search.
Good luck.
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Full of classic F1/non-F1 track layouts
My blog about F1 performance analysis - [thef1formbook.wordpress.com]Edited 1 time(s). Last edit at 06/07/2015 10:26PM by Atticus..