Popeye that is what I get with a PII 333, 192mb sdram and using an Viper V770 Ultra but with Win95 OSR2. Also, in 1024 res w/16 bit selected.
My initial frame rate on the runway is in the mid to low 20's. then I shut off the ground clutter and it climbs to the hi 20's. Oddly as soon as I start engine, and get airborne it gets MUCH better. In flight I get in the mid 30's to low 40's.
I use the NON hi res terrain textures and no ground clutter. Not sure what else I could adjust to get better frame rates either. I do not like selecting the trimmed down field of views that shut off distant mountians and the horizon, as that really ruins the immersion.
One thing to try is latest sound card drivers as sound can suck up some fps too.
Then I guess I would do as your planning.
I though maybe there might be an easy fix here for you but guess not

BTW. One trick is to run in 1024 and not 800X600 resolution.
-Westy