I have the exact same problem.
Managed to soothen it by raising the seat a bit. Never got it to work perfectly though, as the size of the HUD on my screen setup (214°) is way off the size on my "physical HUD". But it works alright most of the time and the gain in immersion outweighs it big time.
Didn't know the HUD-View only tool. While it seems OK (to look around, you'd have to assign a keybinding then, I think), I suppose that it might break the multiplayer data integrity check of BMS. Same goes for custom views. Not sure about that, though.
I still hope, that BMS will come up with a solution sometime.
Cheers,
SP