Torque feature that could possibly be used.

[Reno]

Firstly, i was talking solely about a moving POV, but yes, you are correct, from a static view, it would look about the same.
Also, no, the TSE paralax mapping shaders can be run on ps1.1, as most if not all TSE shaders are designed to do.
TSE allows for procedural fall backs from ps3.0 to ps1.0, so TSE supports and can move between anywhere in there.