In getting my 8 year old copy of RalliSport Challenge going (it still works great, running at a max resolution of 1280x1024) I found out how to get the Aspect-Ratio-respecting GPU scaling working. My HD5850 was totally overkill though.
If you have a widescreen LCD, these old 4:3 games automatically stretch and the GPU scaling/maintain aspect ratio option grayed out.
I found the trick is that you actually have to temporarily switch to that lower resolution before the option is ungrayed. You can switch back to your full 1:1 1920x1080 or whatever and the 4:3 games are no longer stretched.
Hope this helps someone with old fullscreen games.