"Upgrade to a 1080" isn't the best path for everyone Kizbot. Neither is it always possible. Different people, different budgets, different priorities.
Spartanous -
Running from the Rift Oculus Home screen is optimal. SteamVR won't be used (it may be loaded but if you launch via Oculus Home it will be using the Oculus VR path). Good.
Upgrading to 16GB RAM may net you a small performance gain, in busy situations (asteroids, stations, combat zones, on planets).
Overclocking the cpu may net you a small performance gain, again in busy situations.
Neither of these is likely to offset the Rift switching down to the lower ASW mode of 45fps.
Switch down to a lower detail preset. Turn shadows to off or low, drop ambient occlusion to off. Reduce texture detail at first (but texture should be the first detail option to turn back up a bit in my opinion).
Best advice I can give you -
Make sure the ASW mode is turned OFF. This means firing up ED in VR, then, making sure NumLock is turned ON, hold Ctrl and tap the Numpad 1 (above "0 / Ins). If you've got the frame counter turned on, it should show the fps jump up a bit. This will be the actual frame rate the Rift is managing. It may be lower than 75 and a little jumpy, but it might feel a bit better than the constant 45fps.
Ctrl-Nupad 2 to turn ASW back on.
ASW needs to be turned off each time you enter VR. The Rift won't remember the setting, it always defaults to ASW Auto. And with a 970, thats generally On, most of the time.
You can also try dropping the in-game Supersampling down to 0.85, and then using the HMD Quality at 1.1 or 1.25 to generate a faster initial frame rate at lower resolution. It may not be as good looking, but it might solve your frame problem.
Experimenting is the key. If it looks okay to you, that's cool.
Oh, and save for a 1080.
