@RasmusP What you're describing doesn't sound like a setting issue, though... If you're getting 50 % GPU usage and 40 % CPU load with no single core being maxed out, that to me suggests there's some other issue at play.
BTW, MSI Afterburner can show you the usage for individual cores/threads, you just have to enable it in the OSD settings.
Anyway, my settings really are nothing special. I run at 1920x1200, fullscreen with vsync off (framerate limited to 60 via Afterburner), and I currently use these settings. Note that I was currently testing some stuff and trying to lower my CPU/GPU load for streaming, so I have some things set lower than I know I could:
Mirrors: On
Track level detail: Medium (can use high no problem)
Car LOD distance setting: Medium (can use high)
Particle detail: High
Tiremarks: On
Specular: On
Car reflection quality: Low (can use medium NP and often even high)
Track animations: On
Shadows: Medium (can go to high most of the time)
Car shadows: On
Contact shadows: 32
Shadow split: On
Multi-sampling: 4xAA
FXAA: Off
Bloom: On
Depth of field: On
Motion blur: Fast
Motion blur quality: Low
Light shafts: On
Lens effects: On
Track texture quality: High
Car texture quality: Medium (can use high NP)
Rear view mirror quality: Low (can go higher)
Shader quality: High
Visible cars: 25 (but setting it higher, even at full, doesn't make that much of a difference TBH)
Opponent cockpits: On
On top of that, I'm using 8QxMSAA and 2xSGSSAA via nVidia Inspector to get rid of the shadow flicker. I'm getting around 70-80 % GPU usage on average (single 970), which I'm fine with. I could likely go to 4xSGSSAA, but that means getting closer to 100 % GPU usage, which I don't want to do (want to have some overhead for streaming) and I can't really see much difference anyway, so why bother.