This is actually a pretty good tip; I found it reduced the CPU load somewhat and gave me an extra ~3-5fps on my old system (in addition to running everything else at min).
I would also suggest turning off Dynamic Lights to gain a few more FPS. You’ll find that Vignette is probably still on; you have to disable it in the .ini to keep it turned off or it keeps turning back on at the beginning of every match;
Find the UDKSettings.ini file under <user>\Libraries\Documents\My Games\ChivalryMedievalWarfare\UDKGame\Config</user> and change bEnableVignette=True to False, then Save the file.
Just to add to that; I have found that disabling motion bluring while playing on a laptop helps a lot too, might be something worth trying.