Latest update. It works! With NTSC or PAL machine, NTSC circles on NTSC dipslay modes and PAL circles on PAL modes are all round, FS and Auto-Scale. I don't really understand but to do this KAR has to be enabled and set to TV, but I can live with that.
Also to do this the Aspect-Ratio setting must be set to your actual monitor's aspect ratio. It you have 5:4 monitor you must select 5:4.
By the way, I also confirmed all the aspect-ratio settings do exactly what they are supposed to do, compensate for your monitor, they are very accurate.