Graphics- Newest gsdx1375
-DX10 or 9 (makes no difference)
-Texture filtering enabled
-Internal res 1024x768 (you can increase this if you want)
Haven't tried with FBA or Logarithmic Z options.

Sound- SPU2GHz Playground 1.9.0
Interlopation set to 0 (you can increase, my soundcard is just bad)
Time Stretching enabled.
Module- Xaudio 2 ( the recommended one)

CPU Settings
Limit framerate- Custom 60
Set auto frameskip to 45fps
Don't enable the microvu options

Speed Hacks
Use X2 cycle rates
Enable all other options
Play around with vu cycle steal, mine is set to maximum and the game runs fine, nothing breaks.

Advanced options
Set all clamp options to none and chop/zero
Activate the flush to zero and denormals are zero