A few comments/thoughts:
Firstly, if there were such a magazine I would certainly buy it.
Ferrari West Europe publish Ferrari Club magazine in France and it is available generally on news stands. Ferrari GB were offered the option of an English version but declined it. Ferrari Australia did take this up and an English version is available in Australia. World In Red (which is bilingual English/French) ceased being a magazine and became a yearbook when Ferrari Club started publication and as a direct result.
I did used to subscribe to Ferrari World when it was available (early 80s to mid 90s as far as I recall), but it went downhill towards the end and I stopped buying it before it expired altogether (issue 38 was the last, I think). A German edition continues to be published (or at least it did up until a couple of years ago).
If you publish in English then North America, Australia and New Zealand are relatively easy markets to sell to at least by subscription. In my view you would be much better served concentrating on an English edition to start with rather than trying to take on too much with multi-lingual editions. Bear in mind that most of the online forums are in English... Note too, that the 'limited' UK market managed to sustain Ferrari World for 38 issues.
Ferrari books and magazines are not only bought by Ferrari owners.
Unlike Archie, I am not bothered by how much advertising there is. I accept that that pays for the content. The important thing is that the editorial content is good enough. I don't think very many people will not buy a magazine because of the adverts, but they will certainly not buy it if the content isn't up to scratch.
I am not clear what frequency of publication you are considering?
I have a minor disgreement with Archie's list. I don't see any point in any sort of review of F1. Anyone interested will have seen the race, read reports in mags etc. long before you can get to print. There is only any point if you can add something different or a different angle that hasn't been seen elsewhere. There is absolutely no point in something like '...and Raikkonen passed Massa on lap 5...'.
Also, Archie's list focuses somewhat on things relating to ownership. I think you need to be clear whether your target market is owners or enthusiasts and balance the content accordingly.
Finally, look at all the magazines available (Ferrari and other car magazines) and not just those in the UK. Note what they do; what is good; what is bad. How many copies do the existing Ferrari magazines sell? Have a look at www.dacorsa.net
which gives a lot of information about Ferrari publications. Speak to publishers (I don't know your background but I am assuming you aren't a publisher yourself) and those who you would need to provide content (making assumptions, but presumably the likes of Marcel Massini, Keith Bluemel, Antoine Prunet etc. for historical content) and see what they say.