This list is indeed invaluable to see what each setting is doing individually. However it is not telling at all what combinations of settings are doing and this is something you shouldn’t ignore because it takes just the combination of two settings to just be slightly over frame budget and dividing by 2 your fps in VR (less so in 2D).
I’ve commented and addressed this question a long time ago already here for 2D:
My 2070 SUPER 4K settings and suggestions - episode 2
And I’ve further confirmed in VR:
My 2070 SUPER VR settings and suggestion (Reverb G2 - WMR)
My 2070 SUPER VR settings and suggestions (Index - SteamVR)
Having said this I might give your approach a try, starting at high and reducing some I know interact badly, now that I’ve managed to taming the stutters and other system/driver gotchas.
NB: Terrain LOD is the most demanding but this depends on the API. With SteamVR OpenXR there is definitely a frame timing and synchronization problem I’ve documented using the SteamVR perf graphs, and with too much polygons FS2020 is most likely keeping the bus from RAM to VRAM too busy and making skip frames. Thus, with SteamVR OXR I must reduce Terrain LOD to 50% to keep the quantity of data to a level not interfering, whereas with WMR OXR and the G2 I can raise it to 100%… It is not just black and white!