In this file
..\Documents\My Games\UnrealEngine3-CAG\CAGGame\Config\CAGSystemSettings.ini
you can set most of the settings that you like.

Most annoying settings that just take away FPS:
MotionBlur=FALSE
MotionBlurPause=FALSE
DepthOfField=FALSE
Bloom=FALSE

If you got a GPU that supports it you might want to set this(It doesn't work for now though, but I have hopes it will in the future):
AllowD3D11=True

For people that might want even more FPS or got a lower end PC:
DynamicLights=False
DynamicShadows=False
AmbientOcclusion=False
MaxShadowResolution=256

Thanks to McKeviin we got some more options you might want to change.
I couldn't test them yet but give it a try :)
AllowRadialBlur=False
AllowSubsurfaceScattering=False
AllowImageReflections=False
AllowImageReflectionShadowing=False
bAllowHighQualityMaterials=False

You can also change The Draw Distance with this line MaxDrawDistanceScale=1.000000.
But warning. This can make you "halfblind" and might make you not able too se flares and similar.
This is half the draw distance MaxDrawDistanceScale=0.500000. But you can put it lower if you want to.

Please notice that maybe if you are on a Laptop you need to put Mobile in front of some of the options.
Just search if there is another option with Mobile in front of it and change that as well.