Try using commandline with only the following settings:
-nomemrestrict (Disables memory restrictions)
-norestrictions (Does not limit graphics settings)
This will not reduce any graphics option. It will only remove some limits that may be causing you trouble. If this does not fix it, I recommend you to not keep them, as it may result in you running out of VRAM since the game thinks you have an infinite supply of it

(although that shouldn't be easy in a R9 270 if the game is stock)
For that, create a commandline.txt in your Grand Theft Auto IV directory with these two commands in separate lines, like this:
-nomemrestrict
-norestrictionsMake sure you have PowerPlay disabled / full performance mode. I'm not sure if this option is available for desktops (if it doesn't you shouldn't worry about it):

Also make sure you have your Windows plan in Performance mode:

Make sure you have the latest graphics drivers, but it probably isn't the cause.
If this still fails, I recommend you get the MSI Afterburner + RivaTuner statistics server (should be built-in) and enable the OSD view (google for that).

This will allow you to see what is being used the most ingame, CPU or GPU (and a lot of other details).
The PSU should be fine, your system probably does not reach 400W with everything under full load, and Corsairs tend to have decent Amps on their +12V rails so it shouldn't be an issue either. You may try remove the CPU overclock to see if that was causing the PSU to struggle in GTA IV (it's quite a CPU intensive game) but I bet BF4 is not easy on it either, so it probably goes just fine...
And like michelleina said, CrossFire won't do much for GTA IV. It barely works (if at all), so you're better off with a single card
