http://forums.pcsx2.net/Forum-Program <-- PCSX2 0.9.8
Ok.
Based on the changes the preset makes, I'd guess the fake FPS may be entirely the fault of VU Cycle Stealing.
It comes hand-in-hand with the presets at a certain point, but you can take control manually and keep the VU stealing at default.
Set the preset to "Balanced", then un-check the Preset box.
You could then try checking mVU Block Hack and/or increase the EE Cyclerate to 3.
See if they help without causing fake FPS.
Another change the presets would eventually make is setting the VU clamping mode to "None" (in the VU tab).
Also, you could try switching the VU1 recompiler to superVU1. It may help with speed, but may eventually encounter a compatibility issue that microVU1 would not. Just a fair warning.
Note: DirectX 10 and 11 are effectively the same with PCSX2. (Your GPU is only DX10, anyway.
)