Frame Rate Limiter (30/60fps) incorrectly capping FPS in Heavensward zones

[someONEgood]

I use a 120hz monitor. As such, I have the following available options for frame limiting.
None
120 fps (Refresh Rate 1/1)
60 fps (Refresh Rate 1/2)
30 fps (Refresh Rate 1/4)
[] Limit frame rate when client is inactive.

When using the 60fps option, frames are limited to 60fps in ARR zones.
However, when using this option in Heavensward areas (Frontlines, Falcon's Nest), it limits the FPS to 40fps.
This is NOT from performance drop.
Setting the limiter to 120fps (Refresh Rate 1/1) in the the same Heavensward areas and the fps rises back up well past the necessary frame rates to rule out performance issues.

Here are examples.

ARR Zone (Mists FC)
120 fps (Refresh Rate 1/1) --- [(92 fps actual)]
60 fps (Refresh Rate 1/2) --- [(59 fps actual)]
30 fps (Refresh Rate 1/4) --- [(29 fps actual)]

Heavensward Zones (Frontlines Aether)
120 fps (Refresh Rate 1/1) --- [(79 fps actual)]
60 fps (Refresh Rate 1/2) --- [(40 fps actual)]
30 fps (Refresh Rate 1/4) --- [(23 fps actual)]

This is on a FRESH Windows 7 Ultimate Install, fully patched and updated, all drivers up to date, only FFXIV installed. There is very very little possibility this is system related.

Edit: Windows 7 Ultimate - Nvidia GeForce 580GTX - Display Driver v353.06