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If you want to pan, I'd go shutter priority and try between 1/60th-1/120th seconds. Use tracked auto focus (not sure what it is on Nikon, it's AI servo on Canon)
If you want static shots then anything over 1/500th should be fine.
I can't help with anything else, never been to Silverstone or shot F1 but I've shot bikes and cars at Oulton and Anglesey and it took a while to get some half decent panning shots.
Some nice shots there mate, Silverstone can be a bit tricky to get good shots. With our seats at Copse I'm a bit annoyed I didn't bother taking my gear this year.
Rivage at Spa is a great place to get some shots if you ever get chance: