I am not sure about this, but I think the Win7 XP emulator is built on the Virtual PC 2007 base code. This emulates a very old video card called the Trio S3 64. This misnamed card actually only has 8Mb of RAM (it can be upped to 16Mb by editing a file). There is NO support for 3D video at all.
It makes no difference what PHYSICAL video card you have; just what is emulated by the virtual machine.
As I say, I may be wrong so if so somebody will jump in here and correct me. With only 16Mb of RAM, and no 3D gaming support, no video card will run 2004.
Bill