Warning: If you make a mistake you may have to reinstall Borderlands. Back up Borderlands and any game files before continuing.
You are looking to disable the outline shader via the Borderlands WillowEngine.ini file under Documents\My Games\Borderlands\WillowGame\Config\
. You can tweak many aspects of Borderlands by modifying this file. There is a tutorial on the Borderlands Wiki and I highly recommend you read it before trying anything.
You are looking to change the line:
DefaultPostProcessName=WillowEngineMaterials.WillowScenePostProcess
To this:
DefaultPostProcessName=WillowEngineMaterials.WillowScenePostProcess_cinematic
This will change your view from this:
(click on an image to view the higher-resolution, original image)
To this: