GunBlade, I don't use FPSE so I'm not sure. But I have heard that you're liable to get graphics glitches and possibly even be unable to finish it even with using FPSE. The best bet, for now, would be to play that particular game on a real PSX or PS2. Just a thought.
Well I didnt made it work reasonably but hey u can try altering the game between bleem and fpse(hoping u have bleem).
I think using pete's plugin make it ok but u need a good system for that.
For more help you can take a look at bahamut's link or may be try this one (not as helpful as bahamut's). http://boards.psxemu.com/showthread.php?s=&threadid=4293
I actually finished the game using FPSE (graphics glitches and all), and except for the graphic glitches and hang-ups when you don't skip some cut-scenes it actually seems to run fine. (ok ok so encountering glitches and hang-ups arent exactly fine ).
I used Petes D3D, SPU and CDROM plugins with the CPU on compiler mode.