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.