I have a 1070 as well and I was having a similar issue, but it was more like I was having high fps, but it felt like it was low. This fixed my problem, so hopefully it helps you out.
Navigate to your Documents\my games\UnrealEngine3\ShooterGame\Config to find the ShooterEngine.ini and edit these.
“bUseTextureStreaming=True” (these are default for most but not all UE3 games)
“bUseBackgroundLevelStreaming=True”
“MipFadeInSpeed0=0” (these even out mipmap loads and draw time)
“MipFadeOutSpeed0=0”
“MipFadeInSpeed1=0”
“MipFadeOutSpeed1=0”
“PhysXGpuHeapSize=64” (these balance physx calls even on cpu based physx titles)
“PhysXMeshCacheSize=16”
“bSmoothFrameRate=TRUE” (this really does need to be on, ignore what you’ve read)
“MinSmoothedFrameRate=30” (keep these right here. setting higher/lower does no good)
“MaxSmoothedFrameRate=400”
“DisableATITextureFilterOptimizationChecks=False” (driver based opt is MUCH faster)
“UseMinimalNVIDIADriverShaderOptimization=False” (same here)
“PoolSize=256” or (vidmem/poolsize exmpl: 512/128, 1024/256, etc, DO NOT exceed 768)
[I set mine to 768, if you have the 8GB vRAM model then do so as well.
“bAllowMultiThreadedShaderCompile=True” (should already be on by default)
“ThreadedShaderCompileThreshold=4” (formulate like this: # of cpu-cores (not threads) -2)
“OnlyStreamInTextures=True” (reduces overall texture batch call size)