yes, using pre-rendered static text could help a little
for example:
instead of drawing A R M O R Y you'd draw ARMORY
so instead of 6x2 tris you'd need 1x2 tris
(btw a full menu border is 4x2 tris

)
(I use a fixed size menu/hud with (pre rendered at start) image background/foreground/words. It is readable at any resolution but covers more of the screen at low resolutions)
imho it might help a little. however adding low detail models would help more.
but hey you should just kill yourself if you have a video card that can't handle tremulous.