An F1 fan just needs to set up 3 SPs (for "Formula 1" on each of BBC1, BBC2 and BBC3) in order to record all the F1 programmes. If there are three series, you may need to set up up to 9 SPs to capture all the combinations of progamme and channel!
At the moment I have wishlists set up to record various permutations of FORMULA 1, FORMULA ONE, F1 etc as in the past, the name has changed and recordings have been missed. Unless I am missing something fundemental about TIVO, a season pass CANNOT be set up in advance on a channel a program does not currently appear on. While F1 is on BBC1, I cannot set up a season pass for F1 on BBC2. When F1 appears on BBC2, then I can set up a season pass if I want to. For this reason, for me I will stick with the wishlists, which I hope won't need changing.
My opinion of the one link against 3 is that 3 gives more flexibility. Sure, I could set up a season pass which gets all 3 programs in one hit, but I already have that with a wishlist. Separating out the qualifying, live race and highlights does give added value as I could then just record the races if I want to.
To conclude then, 3 SPs would be better, but anything is better than nothing so I shan't complain whatever you do.