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I'm not sure, having not used it, but I would probably set everything to default (ie, no adjustments) before calibrating. Everything, other than the brightness of your LCD monitor's backlight, is written to the video card anyway, and I wouldn't want two different apps writing to the card. The monitor calibration software may override your utility, but who needs those problems. I'd try clean and simple first and see how that works.
I did some more research and found this post which doesn't sound too promising.
Here, a guy with a similar Nvidia card and control panel is using a spyder colorimeter. And he says that the Nvidia card overrides his color profile settings that were created by his colorimeter. He then suggests some type of workaround.
What is annoying is that this Nvidia control panel came with the latest graphic card driver release which I was forced to use to allow some parts of my Adobe CS4 suite to operate properly. If this was not the case I could go back to old driver.
Not sure about the video card, but I'd be very surprised if it didn't support ICC profiles.
If you buy an EyeOne Display 2 profiling package, X-Rite has a free utility called DisplayProfile.exe, which allows you to load profiles into your video card or change them on the fly. I use it every time my machine boots, so I can load one profile for my main display, and a 2nd one for my secondary monitor (which I use to display my palettes). It only works with profiles that have a certain internal tag, and I know it works with my Eye One Match and ProfileMaker monitor profiles (both made by Gretag MacBeth, which is now owned by Xrite).
Sounds like you have a sizable investment in hardward and software already. If you want reliable, predictable color, you will need to profile your monitor. This is particular true for good monitor to print matching. If printing isn't a big deal, and you're doing mostly web based stuff, then you can probably get away with a monitor preset, since most people don't have calibrated monitors anyway. But, if you need your color to be accurate, you'll have to find a way.
Perhaps your video card disables or overrides you custom profile, but that seems unusual. You should be able to get an EyeOne Dispay for about $200. If you know you need a monitor profiling package anyway, I'd buy it first and see if you can make it work. I'd only buy a new video card afterwards, if absolutely necessary. BTW, monitor profiling packages cannot build custom printer profiles. For that, you need a spectrophotometer and a more expensive package.