You are pretty much right. With a bunch of texture packs I got my LFS to use 210MB's of Vram with 16xQ AA and 16x AF @ 1680x1050..
Here is a pic.
http://www.area51.infiniteorigin.com/GC/lfs.jpg
// This script may be useful for assigning controller buttons and
// other settings when you select a car with a standard gear stick
/shifter shifter
/button 9 gear_2
/button 8 gear_1
/autoclutch 0
/gccut 0
/gcblip 0
/echo ^11^22^33^44^55^66^77^88^00