were you able to run GP4 on this system before? Just wondering if you were using a different PC a few years back.
Anyway, as mentioned above check your video card drivers first. Try the latest drivers. What's your video card?
If it does not work, try setting your f1graphics.cfg to 800x600. It might work on lower resolutions.
Also try to find some drivers for your monitor. But some monitor manufacturers do not provide any drivers at all.
I know this is rare but, some monitors need to have it's manufacturer's driver to run some games. For some reason, there are monitors that gets some messed up frequency ranges depending on monitor and video card combinations resulting to blank screens.