Some stuff on graphics issues since SF2I overall:
If you are not on a DX10 compatible OS and hardware, try to force DX9 via main options ini.
I had issues with MiG-21 pits in SF2I when I reduced effects setting to medium, that turned off some DX10 functions but since I do have DX10 OS and hardware it probably caused some confrontations and thus glitches like theese.
Also if you do have DX10 OS and hardware, do not use HDR mod, it will most probably only cause problems and it can't up your fps.
If however your DX10 hardware is low end and you are NOT happy with performance, then force DX9 via main options ini and only then apply HDR mod.
Just to get this strait:
You either go fully with DX10 or fully with DX9, don't mix as you will end up in errors!!!
If you want to use DX9, find "ForceDX9=" in your main options.ini!