I can play MM quite well on my geforce2mx (using the same plugins as yours, of course). but i experience poor graphics when i play it on my intel 810 (which i guess is not very different to yours).
so i think it's your graphic card drivers or your video card itself that had no support for D3D extension (or something, i forgot what we should call it) inside the graphic plugin. maybe you should upgrade it to something like geforce2 mx (it's cheap, but i'm quite satisfied when i use it on my N64 emu).
btw, try to play the game at low resolution and bit depth first. also maybe you should not pick vsync on any options, cause it'll usually drop performance.