Yes, there is an optimum setup for each circuit.
It's difficult to explain here but, basically, each of the six components are allocated a multiplier value based on their relevance to performance on that circuit (as an example, 'Suspension' would get a higher multiplier value at Imola than it would at, say, Shanghai). This value is then multiplied by the level of the component you have chosen at set-up.
So an 'optimum set-up' would involve you identifying which components are most relevant to performance on a given circuit, and taking them to as high a level as possible using the set-up points at your disposal.
All of this is usually explained in the pre-season Paddock Press anyways. You'll be used to it once you've done a few races!
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