It has surely been a while... anyway, enjoy your playthrough and stay here... None will bite. I guess. In fact, we have cookies.
Ah, I remember that I had problems as well about getting the game to run on an 5+years old Laptop (Oh Windows 7, I'm so fond of you... ) without lagg. Nothing really helped much, until having it settled on Maximum Performance while playing did. Closing all running programms in the background and setting the FPS (in-game under the Settings) to the lowest level surely had some impact as well. Hope that helps you a little~
"Anything can be art. Anything can be self-expression. Now take your weapon and run with it" [Gerard Way]
Welcome to the forum! Judging from your description of the settings screen, I'll have to wager a guess that you're using an old version, otherwise you'd see an FPS slider in the settings. Check your version (there's an option for it in the main menu before you launch your game)... the newest version should be 1.1.0. If it's not there, you can run your Patcher.exe (in the game's files) to update; if you have a really old version (like, 1.0.0 or 1.0.1), you may have to update some files first, or just re-download a more recent version.