I have Final Fantasy V (Anthology disk 1) working fine with both Eternal 1.41 and P.E.Op.S. 1.9 (though personally, P.E.Op.S. doesn't distort the sound effects, making it better in my opinion)
As far as Eternal goes, I think everything is set to default with the checkboxes exactly how I-Chan described. Perhaps you should consider other possibilities. What version of DirectX do you have installed? It should be 9.0c to have the most up to date.