Currently the video settings are rather simple, this is good for getting the game initially to a good performance however it is not so good for if there are specific things causing FPS drops.
I don't know if this is currently a bug (it would seem that way) but multiple components of a ship being on fire causes massive FPS drops for my friends and I. I would like to be able to reduce the detail of the flames or turn them off completely to stop the huge FPS drops.
Alternatively the fire could just be optimised and then I have no need for more specific video settings.