To Get FM3 running well on ePSXe...
That is a very hard, hard task, I mean it...
well, I am playing it too, and I don't know why, although the Framerate counter(I am using Pete's Direct3D plugin), it's always show 60fps, but the screen doesn't say so, it's always very slow between the frame update, so all i do is turn of the frame limit, so it would run as fast as possible (mine max out at 200 fps or more

), the play become nice, but too fast, but that is much better than the slow one (oh yeah, my PC: P3600EB with V3 3k, sblive value and 128MB RAM).
anyway, you can also convert the CD into an ISO, that would help a lot too

.