First off let's try the typical:
Set the output in MPC-HC to "Enhanced Video Renderer (custom presenter)" (View -> Options; Expand "Playback" and select "Output")
Enable Direct3D Fullscreen in MPC-HC (also found under "Output")
Manually set the amount of threads in SVP to a larger value; you want the smallest amount possible that gives a perfectly smooth result (Application settings -> Additional options -> Processing threads)
Does any of that solve your issue? If so, consider setting the resizer in MPC-HC to "Bicubic A=-0.75" since I believe it defaults to "Bilinear" (which is lower quality).
If not, there's several other things we can still do. One thing is that your CPU is somewhat on the weaker side, so we may have to do some "fancier" things to accommodate that (for reference I regularly run SVP on a 2.4GHz Core 2 Duo with no GPU acceleration which should actually be slower than your setup).