I managed to increase the draw distance by changing the value of MONSTER.EXE memory addresses 0064CFB0, 0064CFB4 & 0097BC54 from 20 (100% visibility) to 40. 20 being not the total of tiles displayed but the distance between your truck and the horizon, represented in textures.
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Normal
Increased
Normal
Increased
Too many objects error
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As you can see, the number of tiles (or textures) displayed won't increase more than 1 or 2 rows, different thing happens with models, the game will display models that are farther than 20 tiles. (10 tiles farther probably). However, some tracks will become unraceable because of the on-screen object limit. (eg Farm Road). This works in software and hardware mode Direct3d rendeering. In hardware mode, some random snow-like balls will randomly appear in the sky while you have an increased draw distance. After ending a race, and starting a new one, all models and terrain of the track will be white. This is fixed by changing the screen mode.
You can edit the memory addresses to have an even smaller draw distance, like 5 or 6 tiles (25% visibility)
advice: memory editing is hacking and it is illegal for multiplayer tournaments
MTMG research center