Hmmm... beta7? I'm talking alpha 8.5. Here's the menu under the Graphics tab. FMS is old. If you have a graphics compatibility setting for your graphics card or can setup an FMS specific option with advanced features turned off, it might work better. Just guessing here.
( ) 16 bit
( ) 32 bit
[ ] Wait for vertical blank
[ ] Flip back buffer
[ ] Mipmapping
[ ] True alpha
If none of that works, you might try RC Desk Pilot although some folks have graphics issues with that too.
Personally, I would keep plugging. FMS has some awesome models that have accumulated over the years.
But if you need to bail, I understand.