I cheated and installed the game in Windows 7, on a for Linux accessible NTFS drive.
I had to re-install all over again, as even Windows wasn't able to finish the halve finished Linux install.
Wine 1.7.31-CSMT-3f0bf73 from PoL is able to run the game at highest settings, 16 to 60 fps.
Using an AMD Phenom II x4 965 @ 3.5Ghz, 12GB RAM & Geforce 660 GTX on Ubuntu 12.04.5 LTS 32bit I have set max settings for everything but Sea Rendering Quality & Reflections, I turned Sea Rendering Quality to Medium & Reflections to Off, to get all the distortions away on the sea, and also Post Processing to Off.
The Effects Preset & Quality and Sky and Clouds Quality seem to be stuck at low settings, when ever I set them high and go to the game and back to settings, the settings have been set to low again, the same seems to happen to Texture Quality, which is stuck at low.
I get roughly 15 to 30 fps at these settings.
Strangely enough I went back and forth between this post and the game and while in spectator mode I suddenly got 40 to 76 fps, not sure why the fps was down so much before and it's now way up high.