I have several suggestions:
The most likely fix is to add -console to the launch options. The crash is probably due to the rendering of the 3D background behind the game menu, which is suppressed by -console. Once you get into the game, set the Shader detail to Low. That should avoid the rendering problem, which is an issue we've seen with Apple's Nvidia drivers, so you may remove (or leave) -console in your options after that. (This may be fixed with more recent drivers. What OS version are you using?)
Also, I'd suggest using -dxlevel 81 rather than 80. And once you've had a successful launch with whatever -dxlevel you prefer, you should remove that option. Leaving it in causes HL2 to forget your video settings. By the way, that will undo the fix for the rendering problem -- your Shader detail will be reset. So, you should do -dxlevel 81 at the same time as you do -console, set the Shader detail to Low, and then remove both (or at least the -dxlevel switch) before you next launch.
Lastly, I believe you need a plus ('+') before cl_drawmonitors 0. However, I don't believe that "+cl_drawmonitors 0" is necessary, anymore.