ePSXe won't even start the game.
BUt I saw screenshot on the game in the Screenshot area of AdriPSX. In fact the game can run with the 2nd CD where the story mode does not "START" with a 2D character picture. But I can only play one game, after that it stops.
VGS obviously work but lack of Direct 3D acceleration.
AdriPSX also works without any Direct3D acceleration (software render works fine)