From the details you provided, I'd suggest using Pete's D3D (though someone with a TNT of their own is welcome to correct me), Internal SPU and either the native ePSXe or Pete's CD plugin.
For your video configuration I'd start at a low resolution/color depth and add enhancement until your frame rate begins to suffer. There's very little configuration for the other plugins, actually, be sure to set your CD preferences to the drive in which you've inserted your PSX CD and, if you make use of Pete's CD, give speed limiting a try @ 2x.
i got a tnt2 m64 and pete's D3D is the only plugin i use. When i use opengl, there are red lines all over the place. I don't know whats causing that. I suggest putting the settings to fast and turn frame skip on and turn off offscreen drawing and adv blending.