After spending almost 30 minutes in the control menu I've decided to go with Preset 2.
Also here's a small suggestion for our beloved developers for implementing Secondary Manual Control(which is not available in the console version yet, Bummer!!!)
Hold GUNLOCK, Press Toggle Zoom(to activate secondary manual control), use Right Stick Camera Control to aim your target, Press Toggle Target Lock(to select target).
For Preset 2 that will be: Hold L1, R3, R1.
Easy Peasy Lemon Squeezy, YAAAAR!!!