I am a complete rookie with it to begin with, only using it in WWE2k17 and NBA2K17/18 for minor name changes, so please take that with a grain of salt. I open up cheat engine and simply searched for the name that I wanted to change in the Memory vIew tab. On the right side of the screen came the various names of the drivers. I had to scroll around in that area to find the other instances of the name like Lewis, Lewis HAMILTON and L.HAMILTON.
I did get the name to change in game on the Grand Prix section where it lists the drivers, but it did not save, so I didn't do it right. I will have to search the memory addresses of what I want to do it correctly I think. There must be some Cheat Engine experts here somewhere who could point us in a positive direction? I know tables listing names and team names can be created so anyone can just simply open the table and have the address handy to make a change - I just don't know how to do it myself.
PS - There may also have to be a hex edit when changing the name, something about the number of bytes or characters in the string.