Ok, went from fullscreen to 1x and only enabled shaders. Here's some results from different settings:
"Stencil Test" ENABLED: Cause garbage gfx with "Save GE to Screen" enabled. Causes the "wave effect" to effect the entire
background image AND only outlines of the worms/land is displayed. However the land outlines are not wavy, so that's something positive. See screenshot 2.
"Save GE to Screen" DISABLED: The foreground (land) will be effectively erased by the water wave effect layer(however high that may be at the time), so only the water and the background can be seen on that part of the screen. See screenshot 1.
"Color Mask" ENABLED: Prevents the islands from rendering. You only see the background.
"Only GE" ENABLED: Black screen on start.
"Stencil Test" ENABLED: Cause garbage gfx with "Save GE to Screen" enabled. Causes the "wave effect" to effect the entire
background image AND only outlines of the worms/land is displayed. However the land outlines are not wavy, so that's something positive. See screenshot 2.
"Save GE to Screen" DISABLED: The foreground (land) will be effectively erased by the water wave effect layer(however high that may be at the time), so only the water and the background can be seen on that part of the screen. See screenshot 1.
"Color Mask" ENABLED: Prevents the islands from rendering. You only see the background.
"Only GE" ENABLED: Black screen on start.
Intel Core i7 6700k @ 4.5 ghz. / GeForce GTX 970 / 16 Gig Ram / Win 10