Just played Elite... Oww. Near instant via Torps of doom kills out the back end, though I think part of that is me needing better tactics (I survived one volley by doing some adjustments). I'm envious of your run azurianstar, people started leaving after the first total party kill against the Queen.
My system slowly dropped FPS as the battle went on, until it was single digits and stuttering with the UI up, but 40+ and smooth with UI off (Alt-F12). I kept turning things down and the only thing that seemed to help turning off as many damage indicators as I could (couldn't turn some off). But, I'm on an un-supported OS(Linux), so it may be a glitch with how WINE handles things, but the map on Normal worked well.