I use a 4K display with a 290X, which is roughly equivalent to your 480. It runs well, Elite is quite well optimized and I can maintain 60 fps almost everywhere. The Maia nebula in the galaxy map does slow it down, but that's rare enough. I only use 2x FXAA, but other than that I've left pretty much everything I can think of at maximum. If Elite has motion blur or depth of field, I run with those disabled since they annoy me, but I can't remember right now whether those options are actually in elite. You might be able to eke out a few more frames by dropping a few settings down here or there.
Edit: Just read some other replies in the thread, and it looks like my experience isn't shared. There may be an option I have disabled that others enable? That said, I think that you should be able to get good graphical quality at a good frame rate on that card, even if you have to drop a few settings.