Light mapping only really slows the build time. It generates the textures at that time, so I doubt it would make any difference to frame rate. Shaders will, but if you have already disabled those, not much left to do. You can lower the quality further, or you could edit the config to alter the screen resolution possibly(not 100% sure as I haven't done it yet, but if it isn't possible then I would be highly surprised. I think 1024x768 is default, you could try 800x600 or 640x480, as I imagine it must be your video card causing most your problems.
What is your rig btw? I have no problems at the minute with tests, and my pc is hardly a beast these days. Q6600 + Geforce 7900 and enough memory to play with.
Edit - Oh try to use static objects whenever possible too, dynamic ones will eat up more cpu time.
http://s6.bitefight.org/c.php?uid=103081