I am still not sure about the FS+VS+frame limit on but since the actual refresh rate did exceed the set fps limit I would expect that instead of tearing you get the full VSync delay, but I could not test this. This is an assumption. Just use the combination and enjoy your games ....
You still have to use V-Sync if your chosen framerate limit is close to the refresh rate. At worst, V-Sync will have no effect, but at best, V-Sync will help prevent tearing. I'm not sure but in some games in-game V-Sync implementations have inconsistent, bad framepacing (frametim...