No economy—check. It sounds incredibly annoying, even aside from its extreme bugginess.
Dwarven Economy can't activate in current versions. It has been disabled due the bugginess of it, so no worries there.
No aquifers—well, so long as we can find a site with a good river. But that's an embark thing, not an init option.
Aquifers can be turned off by removing the Aquifer tags in the save files. I never played with aquifers before, so I have no preference there. They sound annoying, so I've been avoiding them for my first several forts, but that's all. Here is the post:
By editing the the raws and removing the [AQUIFER] tag from all of the appropriate entries in inorganic_stone_layer.txt, inorganic_stone_mineral.txt, and inorganic_stone_soil.txt it is possible to remove all aquifers from the world. This can be done before creating a new world or after, if you find a particularly neat location ruined only by the presence of an aquifer. In order to modify an existing world, you must delete the [AQUIFER] tag from the raws in the savegame's folder.
Dwarf limits and weather: I have not encountered lag issues with Dwarf Fortress yet, so standard values are good for me.
