Well, I reckon your machine is not underperforming tbh.
FC2 is pretty CPU-heavy, I got a 10-15% increase in FPS on my E8400 going from 3 to 3.6 (just up your fsb to 400 and set your memory to 1:1 and instant 3.6. You might not need to adjust any voltages to get that).
Also the game runs better in DX10, again a 10% increase (I have benched FC2 in some detail due to my recent upgrade).
Also, you are running at 1600*1200, which is larger than my 1440*900, so I would expect you have slightly lower fps.
All in all your results sound about right, and I recommend at least a basic overclock to help you out, as well as running in DX10 if you can.
Well, I found that running at 8XAA and having Ultra High shadows takes your FPS for a dive. Try bumping down the shadows to V.High and use 4xAA. That should do the trick.
Ultra high shadows in particular seems to really kill my FPS no matter what AA setting I am using.
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