I can confirm, that this procedure had a positive effect on my experience with the stuttering and poor framerate.
I was using Dxtory instead of the Bandicam.
With vsync enabled and the fps limited to 40fps, the overall gameplay was smoother, and the stuttering was significantly reduced.
Disabling vsync, with the fps limited to 40fps resulted in the usual screen tearing issues. However, the stuttering was still lower than usual and overall, the gameplay performed slightly better than normal.
A console command to limit the frames would be optimal.
This technique also negates the percieved input lag from controllers when vsync is on. It's not something that's as noticeable in a flight sim, but it's nice to use on twitch shooters like Battlefield 3.
There is a pretty good explanation here for anyone interested:
http://mystrd.at/v-sync-mouse-lag-how-to-fix-it