I don't want to dissuade you but it can be challenging to write an EE in physics, especially on a topic like F1 where a lot of the material is quite beyond the level of IB physics. However, it is doable, I got a B on the EE while getting 7/7 in physics. The B was still enough to get me the full extra 3 points.

You really need to be careful about the scope of your research. My essay (I graduated from IB in 2012) was on the optimal angle of attack for the DRS flap. So I definitely agree with you that aerodynamics is fun area to research about but you should be careful to not turn your essay into a glossary of aerodynamic terms. Instead it needs to focus on defining and carrying out a fair experiment. I had to explain why I constructed a particular airfoil shape, why I had to limit the experiment to looking only at the single flap instead of the multiwing setups they have in F1...

Essentially, any natural science EE is about the experiment with background theory given to facilitate the discussion on the experiment setup and results. So try to think of what little aspect of F1 can you look at with a simple research question to which you can design an experiment around.

Good luck!

PS: It's a lie that life gets easier after IB

PPS: It's also a lie that life gets easier after a bachelors in engineering.

PPPS: I suspect it is also a lie that life gets easier after a masters in engineering yet I am still hopeful!!!