Ok so I poked around at all my settings and performance numbers and I've settled on a setup that I find best. The target lowest performance FPS is 40, I really didn't like running around the game at just 30fps, 40-60 really made it feel like something epic.
My CPU is the FX6300, and the game was consistently using about %70 on all 6 cores with an average load of %70. GPU load on my EVGA 970 ranges from %65 outside when my FPS were at their lowest to %95 indoors when frame rates where high or maxed 60. Clearly shows I am CPU bound out doors. My system is an ideal budget system where some money was thrown at the video card part of it. The memory is nothing special, running at 1866mhz. So consider these the results of a system with an average gaming cpu (not quite as good as a good I5) with everyone's favorite current affordable high end card series, the 970. I did splurge a little on the FTW+, I used the step up program cause I really liked the improved heat spreader. I prefer my system to be cool and quiet so NO OVERCLOCKING. Now down to my settings.
EDIT: New settings from several days later. Traded Some view distance for better frame rates.
dx11
window boarderless
1920x1080
FXAA Off
MSAA x4 (MFAA 8x) (Afaik this is working normaly, MFAA is not something enabled in game, instead you turn MFAA on in the control panel and then all your MSAA settings turn into MFAA settings. Normaly jaggies do not bother me but in GTA 5 they did so I am pretty happy with the quality of this setting vs it's small performance impact.)
Nvidia TSAA Off
Vsynch ON
Population density MAXED
Population Variety MAXED
Distance Scaling MAXED
Texture/Shader/Shadow/Reflection quality VERY HIGH
Reflection MSAA off
Water Quality Very High
Particles Quality Very High
Grass Quality HIGH
Soft Shadows Nvidia PCSS (Shadow Works)
Post FX Very High
Motion Blur OFF
Depth of Field OFF
Anistropic Filtering 8x
Ambient Occlusion High (maxed, no details here, I am guessing HIGH uses HBAO+)
Tesselation High (nvidia experience suggested I use normal, I did not notice any frame rate change outdoors, and since indoors and cut scenes I am close to 60fps I see no reason to lower it).
Advanced Settings:
long Shadows OFF
High resolution Shadows OFF
High Detail streaming ON
Extended Distance Scaling OFF (This setting has a big impact on frame rates and frankly it was hard to tell how much more distance I was getting from it. Its probably one of those options nice to have on if you have the extra horsepower).
Extended Shadows Distance MAXED (There is nothing more jarring IMO then to see huge shadows suddenly appear in front of me, especially when in the air. This setting also seems to have minimal impact. Turning it off only saved me 1fps).
I decided that the game would just be better enjoyed if it was super smooth ALL the time, so I traded in the extended distance scaling which I couldn't even tell how much of an effect it had, as well as high resolution shadows. Now my avg fps on the benchmarks is 50.. with the most congested scenes hitting 40fps. Meanwhile i bumped my MFAA to the second notch in help keep those jaggies smooth with only the lowest performance hit.