I also have this same issue, but I am playing the Wii version of TP, and it looks like this is the GC version (based on the GC controller buttons in the upper right in the pics). Hopefully I'll have some time later tonight or tomorrow to mess around w/ the settings and find a fix. If I happen to stumble upon it, I will update the thread.
Windows 10 Pro 64-Bit | Core i5 4690K @ 4.3ghz | eVGA SC+ ACX 2.0 GTX 980 Ti (x2 Sli) | Noctua NH-D15 | 16GB DDR3-2400 ram | MSI Z97 Gaming 5 | 500 GB Samsung 850 EVO SSD