FPS performance is a constant issue and there are several tips on the wiki for improving it.
I think the main ones are:
- Pocket world
- Short history
- Cull historical figures
- Disable weather
- Disable temperature (and temporarily enable it when dealing with magma, or the hot surfaces will never cool).
- Keep the number of trees down
- Keep the number of Z levels above ground down to fight the FPS drop caused by graphical effects when using depth (also reduces the risk of camping invaders who cannot find your entrance).
- Small embark. The standard 3*3 works for a modern stationary machine, but you might want to go for 2*2 on a laptop. Note that candy is guaranteed only on 3*3 and above.
- Keep the amount of flowing fluid down.
- Also, on a machine with limited resources, shutting down other applications to free up memory can help, as swapping to disk should have quite a negative effect (and when it happens, a fast disk, e.g. an SSD, helps).
- Multi core has no effect on DF itself, since it's single threaded. If you can lock DF to one core and lock everything else out from that core it could help, but memory bandwidth is probably the biggest issue.
I don't think the performance issues are high on the agenda, however, but they're well known. Chipping away at performance hogs is quite boring, however, and adding functionality without also increasing resource consumption is hard.
I've never tried masterworks, but wouldn't be surprised if it used more resources than the vanilla version.