This is odd. Seeing how I was sure PSXMemtool converted gme to mcr perfectly, I've asked someone else to test as well. Here's the first dexdrive save from GameFAQs (on top of the list), which I converted to an mcr. This one is reported to work by an overseas acquitance of mine (100% voices + Galaxy and Universe modes available + 1 save (Rena, Lv1, 0:08h)) who is also competent with ePSXe. Could you try it one more time with this one?
If it works, the conversion fails at your end but not mine, though I wouldn't know how we achieved different results.
If it doesn't work, I have no clue on what causes the problem, since it works for someone else.