If you set the Driver to "nv" and otherwise leave this config AS IS, does it work correctly?
If you boot to mode 3, edit /etc/inittab to change this, then try to insert the nvidia kernel module, do you get any errors then? Try this after a fresh reboot.
After this, telinit 5 to go back to graphical mode. If it fails try to get the output of the dmesg command, and post it here.
"..the triumph of evil is for good men to do nothing."
VIDIA video driver RPMs for Fedora
:: see yum repo at livna.org