I can't get this game to work in ePSXe 1.7.0 and pSX. I'm afraid I may have unpacked it wrong, but I've noticed a couple of others out there have had this issue as well (ref 1, ref 2). In that second one he was running it off disc, but not sure if he meant official CD or homemade from ISOs downloaded.
What happens is that the music doesn't play, I think, which causes it to hang when loading. Either that or it is an emulator issue. But one thing I noticed odd was that when unpacking the emuparadise.me download it turned all the music files into .bins. Is this correct? Normally I see just an .iso (giant size) and .cue.