I did this recently and am extremely satisfied. For years now now I kept on buying games that I never played because I just couldn't get into it them like I did when I was young.
I recently put together a rig with fanatec csw 2.5 wheel, formula v2 wheel, csl elite pedals, the simlab tr1 frame, and an NRG innovations seat I bought off amazon for 200$. All in all probably set me back around 1600$.
I'm having a grand old time getting into iracing.
Best investment I've made in ages. Also a great coronavirus shut-in hobby.