I just noticed that with Pete's OGL2 plugin, for some reason as I play Chrono Cross the game starts to slow down under framebuffer usage. To counteract it, I either have to disable and re-enable framebuffer effects (FE) in-game, or exit back to ePSXe and go to Run -> Continue. The framerate returns to normal after such a procedure.
Having said that, I believe that there is a memory leak of some sort that exists within the FE. Pete, if you're reading this, you might want to take a look.