I know this has been a subject before but I was unable to find it. was just curious to see what the best graphics settings for FC with oculus rift? 

It's not that easy, it really depends on your rig.  

Check out https://vr4dcs.com/ for basic setup and a place to start.

Use this mod: https://forum.il2sturmovik.com/topic/39748-3dmigoto-mod-icon-masked-by-cockpit-zoom-for-vr-color-change-sight-strengthened13-features/