I've got the same system. I can get a decent rate by turning off the mirrors (cars only, no textures), turning off skid marks and cloud textures, and also the driver arm and***pit textures. This degrades the graphics, but my rate is now in the mid-30's. A PII-266 will go into my current moboard, but I don't know if that's much of an upgrade. The only other path is a complete moboard swap which means new memory, etc., etc.
Doug
I'm running GPL on a P2 233 with 32MB SDRAM and a Creative labs 12MB Voodoo2 card. I can only get at most 22 or 26 fps while racing at Monza with 17 drivers and most details on. I only have 4 sounds activated. What can I do to get my fps? Should I get a higher speed processor? More RAM? I'd hate to disable some graphics. This game should run at great on this machine! What's up? Any help will help!!