I can appreciate where you're coming from but your using equipment that's becoming outdated.
These old television sets exist still but walk into most shops and it's widescreen / flatscreen models all around.
So few people use these older sets that the Developers are not going to have it as a priority to adjust the game so you can adjust the borders.
You will hopefully be in a position to upgrade to a more modern television sometime soon.
I could not believe the difference and level of detail I got in "Oblivion" when I moved from SD to HD.
Az