You could probably use Object dynamic lighting. Once you drop to static lighting, it runs fast as all hell, but looks pretty dated, cause it's DX 7 or 8 (can't remember which) then. I started it up again last week and had hoped that I could play with dynamic lighting after supposed optimizations in patches. So I set it to Object dynamic lighting, mid-low details, 1680x1050, and although it was playable most of the time, it was a bit choppy too often for my likes. So I didn't have much else to do besides lower the resolution which I didn't want so I just had to use static lighting, but then I can up other details since it is very fast on static.
The reason I mention this is if my rig was somewhat close to handling Object dynamic lighting at 1680x1050, you should be able to. Your CPU is a good bit faster and a X1950XT is much faster than my 7800GT.