I managed to vastly increase image quality and performance while watching Macross F today.
Basically I installed CoreAVC for better performance and then in Coreavc options I set input to Auto and Output to PC
I kept ffdshow as a post-processor to correct the aspect ratio for the TV-Out
Then I used the 16-235 -> 0-255 shader from MPC to remove the greyish bars around the video and improve contrast even further.
Here are some comparison pics, left=before, right=after:
Unfortunately the effect of the shader isn't passed on to the screenshots, but just imagine the black borders pitchblack instead of dark-greyish.
Had to raise the TV brightness a tad to compensate though, as the brightnessrange bug of the VRM9 renderer doesn't translate to the tv.
Of course this solution is taylored to my monitor and tv, but if you are unsatisfied with the blackness of space you can try it out as well.