Often, switching the display mode to "full screen window" will disable the flip queue completely, since enforcing it on the desktop would make the computer feel sluggish. so try that first.
Is there a way to adjust the pre-rendered frames for a Intel HD Graphics 4000 yet?
how about making the game check the OS version, and applying SetMaximumFrameLatency only if it's Vista or newer, and not changing anything if ti's XP. Or maybe letting us configure it through PBAConfig.exe
XP is now unsupported anyway, and with no significant market share among Steam users. It makes no sense to hold back game features because of it.