Yes, you can do it, and it's pretty simple. However, the tricky part is comprehending the respective functions of each file.
Copying and pasting text from one file to another is easy, but issues can arise with file names. Some files contain strings that reference other files, and these names need to match. Organizing files can be confusing and overwhelming at first.
Everything starts with the ".Veh" file. If you go to the Vehicles folder and open the vehicle you want to edit, you will find a Veh file. Open it with Notepad and start looking carefully through the text.
You will see it has a line that says "HDVehicle=" This is pointing at the HDV file, which defines most of the car Physics. Locate the specified HDV file, open it, and again start carefully looking through. You will see other files are specified in this HDV file.
Veh file - Car-specific file with driver name and points to skin and HDV file.
HDV file - The main Parameters file for a car class (lots of changeable parameters)
TBC file - The tire file, Specifies the tire slip characteristics and parameters
PM file - Specifies the suspension geometry.
There is also a Gears file and an Engine file.
Once you get the hang of the files, you can copy and rename files as you see fit. Change tires or suspension to that of other cars. Just be careful with your file names, and you should be fine.
Be prepared for mistakes, and make backup copies. And when you get the hang of it, start using files and data from other games. Automobilista, GTR2, GT Legends, and Stockcar Extreme are all the same game engines. You can copy data from an almost unlimited supply of vehicles.