Its speed loss won't be as drastic on plain Intel chips, but it will still slow it down a bit. Texel Alignment - I've seen no reason to change this from it's default value of 3. Other values cause visual artifacts in most games. VBlank - This is actually just VSync, renamed. For the render-ahead number, I suggest an even number that's fairly low, around 2 or 4.
Higher numbers can create a control lag effect in some games.
OpenGL Settings OpenGL settings are pretty easy and straight forward. These options can be accessed in the same properties page as the Direct3D options. Enable Buffer Region Extension - Leave this on. Wait For VBlank - Off. If you feel that you'd like to use 32-bit color, I suggest you use 800x600 or 640x480.