Here is a steam forum thread about multi core settings:
http://forums.steampowered.com/forums/s ... hread_mode
I used +host_thread_mode 1 +snd_mix_async 1 for a few days(I have a q6600 proc) but after a few crashes and no real noticeable performance difference, I don't use them anymore.
Disregard the host_thread_mode setting the guy gives in the first post, the settings for that are either: 0 - off, 1 - multi core, 2- force
Here is a post from A valve employee:
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There are two cvars you can test for multicore support currently:
host_threadmode 1
snd_mix_async 1
In general, changing various other thread-related settings will just expose you to bugs and may not increase performance. I wouldn't recommend tweaking any of the other cvars mentioned in this forum thread.
The two I've mentioned above both shipped in the xbox 360 version and are fairly well tested, but still need a bit more testing on the PC platform before we enable them by default on multicore PCs.
host_threadmode allows server simulation to happen in parallel with some of the rendering. It is fine to set this to 1 in general, but it will only provide performance boosts in games where your machine is running both the client and the server (ep2 & portal for example, or tf2 if you are hosting the game but not if you are connected to an internet server).
snd_mix_async 1 will use multicore CPUs to run the most of the sound engine in parallel with the renderer.
Various parts of the particle, I/O and networking systems are already using multicore CPUs to improve performance. There are no settings to change for that behavior.
host_thread_mode doesn't do a thing when playing on internet servers

, not sure on the other settings, try them out but prepare to unleash bugs and crashes.
From this post:
http://forums.steampowered.com/forums/s ... ost6953418
Found something else I may try:
Use the launch option "-threads 4".
Apparently "-threads 8" will also work with the current engine build but you'll need 8 cores ...
Set -threads 2 or 4 in your launch options depending on which cpu you have. I'm going to give it a whirl tonight.