no. max settings would need 1.5gigs of gddr ram. the power of the card is not that important as a 260 can max all the settings but its the draw distance that takes the memory.
so although the answer is no there is no reason what that cant max every other setting other than draw distance.
There's no such thing as "max settings" for GTA IV as it's very poorly optimized and it'll kill your card quickly; you will have to mix details a bit and see what results you'll get. Most likely you will get more than 30 FPS at that resolution, but I don't think you'll be able to enable max settings and still get more than 30 FPS.
It will also depend on your amount of RAM and CPU, especially a quad core CPU; if you've got one, GTA IV will run a bit better. Not much better, but still.
doesnt really matter what screen size you run at you will still need 1.5 gigs of gfx ram regardless... the draw distance is the real problem. its so badly written that it takes way more resources than it should... like i say with that card you will be able to max everything except the draw distance. even my 5870 cant do it with its 1 gig of gfx ram, 6gigs of actual ram and a 920 i7 quad core oc's to 3.6ghz but if i swap out my old 5870 for an old 5870 with 2 gig of gfx ram will max it at over 50fps... just because it has more gfx ram.
Yeah, GTA 4 is pretty resource intensive and poorly coded. If you want to max out all the graphic slider options, then getting a video card with 2GB is recommended. I play GTA 4 on my primary PC (see below) with a 1GB Radeon HD 5850; I can only set the graphic slider to a little more than halfway from what I remember.