got the same problem as the thread-starter and tested a few things. my hardware, settings and test results are below, does anyone have any other ideas?
(CPU) 1-AMD Athlon™ XP 3000+, 2171MHz, 512KB
(RAM) usage: 306/1024MB (29.88%)
(GFX) NVIDIA GeForce 6600, Forceware 71.89, DX 9.0c
(OS) Windows 2000 Professional, Service Pack 4 (5.0 - 2195)
(Prog) PCSX2 0.8.1 - May 16 2005, Recompiler(no VuRecs)
(Plugs) SPU2null 0.4, PADwinKeyb 0.9, Linuzappz Iso CDVD 0.5, DEV9null 0.3, USBNULL 0.4, FWnull 0.4
(Bios) USA v01.60(07/02/2002) Console
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(Graph) GSsoft 0.9, any settings, text displays [SS1]
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(Graph) GSdx9 0.6, D3D, Shader settings make no difference, text is not displayed
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(Graph) GSdx9 0.6, Soft(fixed), Shader settings make no difference , text is displayed
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(Graph) GSdx9 0.7-8, D3D, Shader settings make no difference, text is not displayed
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(Graph) GSdx9 0.7-8, Soft(fixed), Shader settings make no difference , game doesn't display at all