How or where exactly do you apply this environment variable? I find myself needing to disable acceleration as well, though for me it's because g-sync causes havoc and makes my screen flicker when I'm trying to read due to the low refresh rate. Not a pleasant experience.
As for the question about fraps, if you use it for video recording, consider shadowplay through geforce experience if you have an nvidia gpu. If you use it for a framerate counter, rivatuner works great.
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