Hey guys I got final fantasy 7 working exactly the same speed as playstation and visually perfect. Only slight (really minor) issues with the music sometimes speeding up and going slow during loading a battle or whatever. (only really noticeable if you've played the original and you already know how the songs are suppost to sound).

settings I've used are

null gpu on
interlace 0
cycle multiplier 4
frame limit off
frame skip 1/2
all frameskips off except for frameskip:blit
wall clock timing off
abes oddysee fix off

my phone is running pr1.2 and is clocked at 850mhz.

if you are running a different speed you'll just need to change the cycle multiplier (ie 1ghz turn it down to maybe 3 and if your running standard 600mhz maybe put it up to 6 or so) trial and error.