If I have time tomorrow, I'll test it with the OGL1, D3D and DX6 D3D plugins

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Plugin: Pete's OpenGL2 Driver 2.5
Author: Pete Bernert
Card vendor: ATI Technologies Inc.
GFX card: RADEON 9500 Pro x86/MMX/3DNow!/SSE
Resolution/Color:
- 640x480 Window mode
- Internal X resolution: 1
- Internal Y resolution: 1
- Keep psx aspect ratio: off
- No render-to-texture: off
- Filtering: 0
- Hi-Res textures: 0
- TexWin pixel shader: on
- VRam size: 128 MBytes
Framerate:
- FPS limitation: on
- Frame skipping: off
- FPS limit: Auto
Compatibility:
- Offscreen drawing: 1
- Framebuffer effects: 2
- Framebuffer uploads: 2
Misc:
- Scanlines: off
- Mdec filter: off
- Screen filtering: off
- Shader effects: 0/1
- GF4/XP crash fix: off
- Game fixes: on [00000002]
(I turn off the game fix when I play anything other than FF7/FF8)
With those settings it seems to work fine. When I set the FB effects to 3 it looks pretty much the same but I get a lower FPS when I disable frame limiting.
BTW, great thread

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Main PC:
Asus P6T Deluxe, Intel Core i7 920 C0 @ 3.7 GHz (195x19, 1.3v core, 1.84v PLL, 1.3625v uncore) w/Thermalright Ultra 120 Extreme, 3x2 GB G Skill PC3-12800 @ 780 MHz, 7-7-7-21-1T, 1.66v; ATi Radeon HD 4870 1 GB @ 790/1000 w/Zalman VF-1000, 300 GB WD VelociRaptor, 4x500 GB WD RE2 (RAID 10), 3ware 9650SE-4LPML RAID controller, SB X-Fi Titanium, Seasonic M12D 750w, CM Stacker 810, Windows 7 Pro 64-bit, Dell 2007WFP
XBL/PSN/WoW: Thordrune