I like the setting, ambiance, music, protagonist and story but am struggling with the third person over the shoulder point of view - it's like pushing your buddy around the hospital in a wheelchair - not fun.

Is there a mod out there to convert the game to 1st person? It would really put YOU in the game..

Check this:

http://pcgamingwiki.com/wiki/Dead_Space#Video_settings

And try the FOV suggestion software. Try lowering the FOV values there.