Seems to work, gonna have to tweak the settings a lot though.
Start with default settings; then:
-- set slider to none
-- disable pilot mesh, reflections, shadows, and post lighting
Try (in "video settings" at startup of game), setting max texture size to 1024 or 512.
Then go into the game, get out onto the runway and see what your frame rate is. Try firing your guns on the runway and looking around, and see what your frame rate is.
Can you let me know what it is?