yeah I have this game, I got it free with F1 2001, its pretty crap though. there's an excellent management game being made at www.f1cm.co.uk its being developed by an independant team who are looking for a publisher, the attention to detail in this game looks amazing.
as for your questions:
1) there are updates to the liveries but I dont know where to get them, because of the shitty graphics engine the liveries look as bad as the originals though (you thought gp3 was bad, you should see these)
2) pretty much everyone who has bought the game has experienced this i'm afraid, its just full of bugs but EA never realeased a patch mainly because they realised it was a pretty crap game and decided to pretent it didn't exsist (there wasn't even a section for it on the website)