Here's my settings I've come up with

Low Graphics
Code:
/console groundEffectDensity 16
/console groundEffectDist 1
/console farclip 185
/console projectedTextures 0
/console waterDetail 0
/console rippleDetail 1
/console reflectionMode 0
/console particleDensity 10
/console environmentDetail 50
/console violenceLevel 5
/console SunShafts 0
/script setView(4)
High Graphics

Code:
/console groundEffectDensity 64
/console groundEffectDist 160
/console farclip 1250
/console projectedTextures 1
/console waterDetail 2
/console rippleDetail 3
/console reflectionMode 3
/console particleDensity 80
/console environmentDetail 125
/console violenceLevel 5
/console SunShafts 2
/script setView(5)
I kept a few things out from this that I didn't care changing for either high settings or low settings.