Yes.
I tried nearly every combination of options, but the game stays choppy. Oh well...

Btw Bonapart what about cd change option? It would be useful in some games(in those in which you can't save before the change).

EDIT:
pcsx-rearmed(OCed to 1GHz of course):

Same options as on the video and Grand Turismo 2 on simulation disk doesn't crash and it's fully playable(I did one lap on dirt track)

Warcraft 2 sadly freezes after a minute or two.

Civilization 2 works great

Baldur's Gate - works great, but didn't test it too much. No point without CD change option

Fifa 2005 - works great