Excellent idea. There was many iterations of this concept with Xplane 11 to help especially with VR.
Essentially you set minimum and maximum FPS expectation i.e minumum 27 FPS/Max 45fps and then you could either let the wizard completely manage in realtime LOD, Object detail/Amount, etc etc to try and mitigate heavy hitting areas when dealing with dropping Frames to keep with in the threshold set.
Link to this authors work as an example: