I don't think that a new cable will be solving your problem. Although a 80-wire cable is always the better option, the 40-wire one should work just fine. Lots of mainboards still come with a 40-wire cable for optical drives, that's not because they don't work with them
For starters, I would get rid of the cable select setting. Why not decide yourself what device should be master and slave. That could be the solution to your problem.
If not, get into the Windows device manager and delete the IDE channel your opticals are on. Now reboot and let Windows redetect the channel (should be happening automatically). Chances are fair that this will work as a solution