Greetings Gravelbreaker,
before just aiming to the lowest graphical settings achievable... why not include a screenshot of your current conditions while playing?
Maybe it's not that bad that you've a 64MB graphics card... and, even if it is, it is always of use to have something graphical as to make ideas clearer.
To take a screenshot you can use the command /screenshot while in game.
It should then be saved on program files/planeshift crystal blue/screenshots
just upload it to imageshack.us (or another hosting service) and post the link to the image in your next post.
Well...
now to answer your question.
The first thing that comes to mind is texture downsampling.
To do that, go to your PSsetup utility (start-all programs-planeshift-pssetup)
There should be a bar there named texture downsampling. Move the slider just opposite where it is by default, to have the "less quality" setting.
There was also that fullbright option, but I won't be the one to, besides suggesting you that downsampling, add to it the fullbright suggestion. But if you really aim for it, you can do a search in the forums and find out on your own. Just, don't do it if you don't want the game to look ugly (since you've also downsampled the textures already)
It can also be, though, that what you've is graphical lag, more than visualization issues.
To that end, and to try to improve your situation, two things to try:
On Pssetup, deactivate music. It should free some resources.
While in game, go to options (I think you can press the "o" key) then graphics->details
there should be there something named "fps cap". Its value should be somewhat high.
Lower it. I had it at 25, and it was alright for me. No noticeable difference to my eyes, but certainly less cpu usage. It can be of use for you.