What setting in the Oblivion.ini controls the "View Distance" slider in-game?

Setting that slider to anything below 100% disables all VWD visuals, and I don't think you want that, so instead you'll probably want these:

UGridDistantCount=25 <--Distant object draw distance (recommend setting to 20 or below for best performance)
UGridDistantTreeRange=15 <--Distant tree draw distance

Distant Landscape is tied to UGridDistantCount.

So you're saying there isn't a setting in the Oblivion.ini that you can change that will effect the slider as well?

The INI setting is here:

fNoLODFarDistancePct=

However, the removal of Distant Visuals when this setting is tweaked is a hardcoded reaction, so you cannot use this setting alongside Distant Visuals, period.

Okay. Thanks for your help.