No, for some time I tried to do that, but unsuccessfully (I was playing Clock Tower). I have never used a mouse on a real console, but considering the fact the mouse speed in one of my games was excellent (and that is Dracula: Réssurection), this problem could occur due to the game design, so that means, is unsolvable (I hope I'm wrong).
hmm. you could turn off mouse acceleration, in fact i recommend anyone to do that even if you dont play games. with windows 2k and before you just turn it off in mouse settings. with windows XP, you need a registry tweak, you can get it here: ftp://ftp.thecpl.com/mouse_fix.zip