I don't know if you can play in 720p with that GPU, but basic resolution will be fine for 60fps. Have you set CPU Emulation to JIT Recompiler ?
For Audio i've DSP HLE. Graphic Engine DX11, nothing ticked in general tab.
In improvement i have frog disable enabled that's all. In hacks everything enabled except Bouding Box Disable, and texture cache set to fast. In advanced nothing. That's my settings.
I always just get the latest Dev build, turn on Hybrid Ubershaders and see if DX11 or OpenGL works better. That's all since Dolphin is pretty much set up by default for speed with the least possible emulation inaccuracies.