For the draw distance, it really depends on how far you are talking. As a general note it is pretty small because things are so expensive, but on PC this being some sort of slider could make sense. The other issue is that we use smoke and mirrors(shocker) and only load so much of the world around you. This is usually pretty large, but it depends entirely on how fast you are moving because it takes time to read data. The zones are 320x280 and in a static situation we typically have about a zone and a half or so between you and the end of the world. Worst case gets much closer, but not so close on PC, but obviously that does vary. That would be the max distance things can go, so don't expect to see full blown cars thousands of meters away.
Now the sad part. I believe all of that data is buried in the exe as #defines, but I'll ask around and see if there is a way to alter that. If not, we'd have to look at trying to include such a way in the patch.