On max payne's page you've written an instruction on capping the frame rate with "d3d9 wrapper", but is that necessary?
When using d3d8to9 (either standalone or through ThirteenAG's fix) or dgvoodoo2, the game's vsync works and caps the fps, as you've already pointed out in the Video section.
I haven't tested the game extensively. Does the gameplay break at common monitor high refresh rates too, 120-240 Hz?