This seemed to make my game look worse. If you check the GTA4 mods and tweaks thread my first screenshot of the yellow mini is on my normal 1920x1080 res and the second of the black golf gti is using 2560x1440 downsampling and there's more jaggies.
I think a black car on grey background will show more jaggies than a yellow car on grey background.

Enable morphological edge detect AA, it does force AA into GTAIV, forcing MSAA doesn't. Incase you didn't know.