This isnt as specific as you'd like and I hope someone will chime in with more information later on in this thread however the following is a crash courise based on what I find works for me:
First offdownload Dr.Kaii's excellent Elite: Dangerous Profiler, it makes it so much easier to tweak settings in VR.
resolution: this is for the viewer window, not the vr display whcih in vr you cant see it so make it as small as possible to save resources
supersampling: same as above
3d - HMD headphones - for obvious reasons
no camera shake - less nausea inducing
no blackout - really confusing in an SRV when rolling
model draw distance, if using ED Profiler, tick the unlock box, regardless you want this maxxed out nothing breaks immersion like seeing a starport pop into existence out of thin air
texture quality - high - in VR the Screen Door Effect negates the advantage of ultra textures but going too low makes it look cartoony
shadow quality - ultra - not a lot of GPU usage, but really adds to the atmosphere
bloom - I run high as it makes light sources look bright - it is essentially the lense flare surrounding lights thrusters etc
anti aliasing, being honest with you in ED its a waste of time, it chews up loads of resources for very little difference in image quality so I turn this off
ambient occlusion, not a great resource hog but this is what creates the sunsets / sunrises on earthlikes as you fly past them and transition from the dark side to the day side of the planet
environment quality, not entirely sure so I run it high?
fx quality - visual acuity of explosions etc, more is better and not that particularly resource hungry
reflections quality, like shadows adds a lot of presence to the game for not alot of resources so run it high
hmd quality, this is the most important setting for a VR experience, all the resources we've pinched earlier on get squandered here, adjust this as high as your pc will run while still getting acceptable frame rates. be aware that space stations and planet sides have so much going on that you experience lower frame rates than what you experience in the black.
galaxy map quality - bit of a misnomer, as its most prevalent effect is on the skybox, but it also adjusts the image quality in the galaxy map, so for the sake of your best experience, max this out to high
terrain quality, ultra or high - how elaborate the terrains contours are biggest visual effect for the processing power on planets
Terrain LOD blending - high - how much post processing goes into surfaces, a diminishing return, no need for ultra, can even go off
terrain sampler quality - any - try them all - something else to do with how much post processing goes into surfaces, a diminishing return, no need for ultra, can even go off
terrain material quality - high - very little visible difference but large performance effects, a diminishing return, no need for ultra, can even go off
jet cones - neutron stars and supercruise comet effects not resource hungry so go high
volumetric effects - ultra - nebulas and clouds
