if you use the ePSXe sound plugin it will work fine, but the sound will be crappy.
we went over this a long time ago yelo, and i never got it to work right, i always thought you were full of crap
and then I-Chan gave me a special Eternal config that worked--but there were still slowdowns in some parts.
PC FPS calc fixed all that. and 2/2/0 makes the framebuffer stuff look fine.
Raziel beat FF9 using ePSXe 1.6.0 and he didnt get the famous crashes, i take that (and your MGS story) as the exception rather than the rule