I think the wobbliness/fringing is due to the ‘asynchronous space warp’ which occulus uses to smooth frames- you can disable it using the Occulus debug tool or Occulus tray tool. I much prefer it disabled due to the issues you mention, but others seem to swear by it for smoothing low FPS. Using the OTT you can lock it to 18hz, 30hz or 45hz.
There’s also a thread on the Rift CV1 on these forums with some good tips that have worked for me.
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