As long as you do this (even on quad-core processors) it will work fine. Also, make sure the latest patch is installed from the gamesas website. I've done this and it runs fine on my Win7 64bit machine.
Far as i know this is an old fix, the latest patches fixed this issue so no need for this fix anymore, but the new patches created new problems (no surprises there)
There are players that got this issue after installing the latest patches and for these people this fix wont work.
I got the game off Steam a few days ago and its patched to 1.7.03 or something like that.
I tried the ini fix you mentioned, i tried playing in windowed mode, tried disabling antivirus, tried using a different sound device, and a few other fixes i found while browsing for a solution.
Nothing worked, in some areas the game works fine, in others the game freezes all the time.
Funny thing is that New Vegas works just fine.
Anyway i have a dual boot pc and right now im downloading the game on the Win XP. I gave up trying to make this work on win7.
In the 6 months i have been using win7 64bit i only had problems with 3 games, one of which is fallout 3. Im noticing that in the rare occasions i get a problem on win7 64bit, it will stay unresolved, because in all three cases the problem couldnt be fixed despite serious efforts being put into it.