You also might want to try Pete's Midas plugin. I am using it and it sounds great w/nearly everything I've tried. What Tidus said about SPU plugins is true, none of them are perfect, but give them time. perhaps PSX sound and music is like SNES sound and music, very very hard to get just right.
BTW I am using a Sound Blaster Live value also.
sincerely,
sx/amiga