P3 really is great!

I was involved in a dogfight with 8 aircraft and had a nice time (not for much though...got killed by a mid-air collision :faint

But I got some questions..
1)Can I activate the targeting cone? I dont have TrackIR yet...(gonna get freetrack)
2)In P2 I used to have: 5 aircraft/ 2 scenery /2 terrain /5 effects/1 clouds 1024x768 no AA
In P3 I have the same options. While flying over Arras on April of 1917 there was a heavy bombardment going on. Even if I wasnt looking directly at the front, my fps was 8! Slide show!...in similar occassions in P2 I had like 20-25 fps and I had a MUCH worse PC!
My specs now are:
P4 3.2GhZ
ATI HD 4670 512MB DDR3
3.5 GB RAM
Win XP SP2 32bit.
How can I improve performance?