if you still get bad frames drag down the view distance until you either reach the minimum you want to be able to see or until you get 60fps. turning shaders off doesn't really affect fps, turning it above minimum will obliterate fps if there is more than 3 things on the screen, and all the other settings have so little effect it doesn't matter unless you're desperately trying to squeeze every last frame out of a really intense new years server
Even turning shadows on minimum can bring FPS lag on low end systems. For best performance, disable shadows entirely. Depending on your system, you might get a small to moderate FPS boost using a reduce latency render method. There are a few advanced options that can help too:
Disable Trilinear Filtering
Turn anisotropy all the way down to performance
Set both particle options all the way down to performance
dont forget to click apply before done