[M2joey]

TLDR;
1.Sport+ vs Traction Mode - I like traction mode but I saw on the forum that Sport+ forces the cooling into a more aggressive mode. Should I care?
-I recommend trying just Sport mode. I have not heard of Sports+ providing additional cooling. IMO, Sports+ is just too aggressive for the track! Any mode aside from DSC Off will heat your brakes up faster when the TC kicks in. It is good that you are monitoring that. I don't suggest turning DSC Off until you get more time with the car and feel you are ready to do so. DSC Off is the best mode to run in when on the track. It gives Sport shifting and the wheel is in Comfort. Now, I just learned, or was told, officially the pros driving the M2 were the fastest in Sport. I find this hard to believe although will certainly be experimenting. I just feel I will see TC kicking on constantly, in turn over heating the brakes. Would certainly depend on the track and driving conditions too.

2.Tire Pressure - What’s a good “hot” temperature for PSS? Is the built in TPMS system “real-time”?
-Yes, real-time. Hot rage is 36 to 40, from Michelin. The more pressure the more the tire will "stand-up". It depends on the track, outside temps, etc. It is better to have a tire stand-up than rollover. I would say you would want 38 hot without camber plates. The M2 tends to read 2 lbs lower than most temp gauges fyi. If it is a cool day (50-60s), try 35 hot.

3.Brake Color Fade - I just read about brake color fade, would pads prevent that? Or is it bound to happen as I spend more time on the track?
-This will occur when the brake fluid gets too hot or brake pads get to hot, basically. It is very common. I know an instructor that ran a number of HPDE - completely stock - and did not have any issues, color change, etc. Just heavy tire and pad wear. Driving and braking technique play a very big part in all of this.

If you are going to do a number of track days a year I recommend getting the basics done - brake fluid, track pads and camber plates. Leave it at that, have fun and learn! The M2 is such a great car the way it is!