I'm running a GeForce 7300 GT graphics card, and I actually don't have any problems anymore with any SFC graphics. I used to experience, on occassion, the odd effects of graphics going crazy. Nothing but colors and lighting going nuts, which would make seeing my own ship and enemy ships, hell, the entire map, virtually impossible to see cause everything was showing up in psychedelic colors with lines everywhere. It would also affect the modviewer too. Only solution to that problem at the time was restarting your PC and hoping it would correct itself after boot, which wasn't always the case.
If your card is the problem, might just be something wrong with the graphics processor. Try reinstalling DirectX 9c and then reinstall the newest graphics from nVidia's website, in that order.
If that doesn't work, take a shotgun and shoot your graphics card and see if you can buy another one with more current tech.