in my situation however, pete's ogl plugin crashes while the d3d is stable. btw, if you want to play it decently (no missing screens etc..) i reccomend using vgs and make your cd's into isos <-- for better loading times.
i use latest detonator drivers
tnt2 m64 32 mb video
Yes, Pete's soft plugin is cetainly the best looking for this game (my choice, too).
About the sound plugin, check this thread to see aoshi's settings for Iori's spu (this one worked for me too - saving me from the dreaded "speech glitch").
You may also want to check this thread to see how ToD2 fares with VGS...