If your video can do it:
which most systems these last few years should not have an issue with SH4 - even the onboard Intel graphics. The "Terrain Objects LOD Size" setting is how big of a window or buffer the "Terrain Object Density" uses. Those settings do help, but you still will be missing "detail" until you're in rather close. You'll only gain a few hundred yards. The left-hand column of tick boxes are not absolutely necessary, but the light shafts under water sure are cool... I use the Vertical Sync (in conjunction with
antilag) to try to keep the game and computer tied together for a 30fps - no more, no less, which is what the game is built to for the "clock"...
btw, this is from the main menu, Options, Graphic Settings...