The "under deck" issue is probably a simple matter of it not being worth optimizing for. It doesn't matter if the frame rate is lower when you store your ship since you can't do anything in the dock. Why put in code that doesn't do anything
but make the FPS number larger in a situation where the player can't fly or shoot. The issue inside of the station in different. That is a place where improvements to FPS can make a big difference in the experience.
Frustum culling has advantages, although generally at a cost on the CPU side and it's not really compatable with modern GPU card design. It's also not friendly with head mounted displays since people can move their head very quickly. Better to have all the geometry already resident on the GPU ready to be drawn when the viewing direction is sent to the GPU.
GPU performance has two main bottlenecks, polyon performance or pixel performance. Culling out polygons helps with the first, but not with the second. I suspect it's not the polygon count inside the station that causes the major performance hit, but is the pixel shaders being used. Older cards were not optimised to run pixel shaders like the more recent cards. Perhaps FD could rewrite some of the shaders to be less processing heavy on older cards.
They way frustum culling worked in OpenGL back in 2004 was that the geometry was pushed as vertex buffer objects straight to VRAM and waited there to be drawn. There are visibility tests to be made, but due to the architecture of octrees, getting to the leafs of the tree takes literally a handful of tests. Since the geometry is already stored in vram, there's no bottlenecking on loading/unloading geometry and textures through the PCIE bus. Ergo, slow or fast movements have no effect on the overall performance, as visibility tests are made each frame and geometry is already waiting to be drawn.
As for the 660 being an 'older card', please. GTX660 is the recommended card for GTA5. Comparison between the graphical fidelity and complexity of the two titles I'll leave to the public at large.