Unfortunately, no and no:
1) on FMV's, it's part of the compression technology they used, no way the quality can be improved.
2) no subtitles option
But, you can improve on all the general graphics of the game, use the graphic configurator before launching the game (that's a separate program than the game launcher, look in the start menu), and choose a high quality interpolation driver, as well as a high resolution setting, you'll see the quality going relatively up thanks to a finer scaling.