Is the disc a mixed mode cd, i.e. does it have sepaerate audio tracks as oppose to them being embedded in the game, if it is mixed mode try using cdr win from golden hawk technology to create your iso file as i have seen problems arrive when trying to rip a disc using iso creation software such as the one your using i use cdrwin for all my ps1 iso to eboots and all work fine in 3.71ms33-2.
btw have you ran the m33-2 update if not try that too.
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