Thanks for the quick response!

Here is the gears.log:

[08:47:24.403] [ INFO] GTAVManualTransmission v4.6.3 (build Jul 29 2018)
[08:47:24.404] [ INFO] Game version VER_1_0_1493_0_STEAM
[08:47:24.404] [ INFO] Executable: C:\Program Files (x86)\Steam\steamapps\common\Grand Theft Auto V\GTA5.exe
[08:47:24.405] [ INFO] File Version: 1.0.1493.0
[08:47:24.406] [ INFO] Script registered
[08:48:28.359] [ INFO] Script started
[08:48:28.360] [ INFO] Settings read
[08:48:28.752] [ INFO] Setting up globals
[08:48:28.762] [ INFO] WHEEL: Initializing input devices
[08:48:28.763] [ INFO] WHEEL: Setting up DirectInput interface
[08:48:28.923] [ INFO] WHEEL: Found 3 device(s)
[08:48:28.923] [ INFO] WHEEL: Device: Thrustmaster T150 Racing Wheel
[08:48:28.923] [ INFO] WHEEL: GUID: {4553CBE0-B15B-11E8-8001-444553540000}
[08:48:28.923] [ INFO] WHEEL: Device: Controller (XBOX 360 For Windows)
[08:48:28.923] [ INFO] WHEEL: GUID: {4DB9AB50-C9EB-11E6-8001-444553540000}
[08:48:28.924] [ INFO] WHEEL: Device: T500 RS Gear Shift
[08:48:28.924] [ INFO] WHEEL: GUID: {EC807AA0-B50F-11E8-8001-444553540000}
[08:48:28.924] [ INFO] WHEEL: Devices initialized
[08:48:28.924] [ INFO] WHEEL: Init FFB device
[08:48:28.924] [ WARN] WHEEL: FFB device not found
[08:48:28.925] [ INFO] WHEEL: Steering wheel initialization finished
[08:48:28.925] [ INFO] START: Initialization finished
[08:49:29.529] [ INFO] PATCH: Init shutdown
[08:49:29.530] [ INFO] PATCH: Script shut down cleanly

Here is the settings_wheel.ini:

[OPTIONS]
EnableWheel = true
WheelWithoutManual = true
PatchSteering = true
PatchSteeringAlways = false
PatchSteeringControl = true
LogitechLEDs = false
HPatternKeyboard = false
InvertSteer = false
InvertThrottle = false
InvertBrake = false
InvertClutch = false
SteeringReductionWheel = 0.000000
GameSteerMultWheel = 1.330000
SteeringReductionOther = 1.000000
GameSteerMultOther = 1.000000
UseShifterForAuto = true

[INPUT_DEVICES]
DEV0 = Controller (XBOX 360 For Windows)
GUID0 = {4DB9AB50-C9EB-11E6-8001-444553540000}
DEV1 = Thrustmaster T150 Racing Wheel
GUID1 = {4553CBE0-B15B-11E8-8001-444553540000}

[FORCE_FEEDBACK]
Enable = true
SATAmpMult = 1.350000
DetailMult = 2.500000
DamperMax = 125
DamperMin = 50
DamperMinSpeed = 1.200000
Scale = true
CollisionMult = 1.000000

[STEER]
ANTIDEADZONE = 0.250000
SteerAngleMax = 900.000000
SteerAngleCar = 900.000000
SteerAngleBike = 180.000000
SteerAngleBoat = 420.000000
DEVICE = -1
AXLE = lX
MIN = 0
MAX = 65535
FFB = lX

[THROTTLE]
ANTIDEADZONE = 0.250000
DEVICE = -1
AXLE = lY
MIN = 65535
MAX = 0
GAMMA = 1.000000

[BRAKES]
ANTIDEADZONE = 0.250000
DEVICE = -1
AXLE = lRz
MIN = 65535
MAX = 0
GAMMA = 2.200000

[CLUTCH]
DEVICE = -1
AXLE = rglSlider1
MIN = 65535
MAX = 0

[HANDBRAKE_ANALOG]
DEVICE = -1
AXLE =
MIN = 0
MAX = 0

[SHIFTER]
DEVICE = -1
GEAR_R = -1
GEAR_1 = -1
GEAR_2 = -1
GEAR_3 = -1
GEAR_4 = -1
GEAR_5 = -1
GEAR_6 = -1
GEAR_7 = -1

[TOGGLE_MOD]
DEVICE = -1
BUTTON = -1

[CHANGE_SHIFTMODE]
DEVICE = -1
BUTTON = -1

[CLUTCH_BUTTON]
DEVICE = -1
BUTTON = -1

[SHIFT_UP]
DEVICE = -1
BUTTON = -1

[SHIFT_DOWN]
DEVICE = -1
BUTTON = -1

[ENGINE]
DEVICE = -1
BUTTON = -1

[HANDBRAKE]
DEVICE = -1
BUTTON = -1

[HORN]
DEVICE = -1
BUTTON = -1

[LIGHTS]
DEVICE = -1
BUTTON = -1

[LOOK_BACK]
DEVICE = -1
BUTTON = -1

[LOOK_LEFT]
DEVICE = -1
BUTTON = -1

[LOOK_RIGHT]
DEVICE = -1
BUTTON = -1

[CHANGE_CAMERA]
DEVICE = -1
BUTTON = -1

[RADIO_NEXT]
DEVICE = -1
BUTTON = -1

[RADIO_PREVIOUS]
DEVICE = -1
BUTTON = -1

[INDICATOR_LEFT]
DEVICE = -1
BUTTON = -1

[INDICATOR_RIGHT]
DEVICE = -1
BUTTON = -1

[INDICATOR_HAZARD]
DEVICE = -1
BUTTON = -1

[TO_KEYBOARD]
DEVICE = -1

[AUTO_R]
DEVICE = 0
BUTTON = 0

Also, before this test the gears.log said the shifter was not identified in the wheel_settings.ini. So I tried to add it under the [INPUT DEVICES] as:
DEV2 = T500 RS Gear Shift
GUID2 = {EC807AA0-B50F-11E8-8001-444553540000}

Unfortunately this also did not work, and my lack of coding knowledge makes it difficult to find out why. The steering is still fun tho!