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Actually, you can push the rewind a lot more. I did test up to 30 minutes but you need 7 or 8gb of ram with my settings.
Here is a copy paste of my psx.cfg with Mednafen:
; << Various Config >>
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https://m64p.github.io/
And use cxd4 rsp with angrylion video plugin.

With the PAL release, I'm pretty sure it's possible to:
1: save the game in the last aera of the disc 1 ( after beating sniper wolf)
2: launch the game with the disc2 and continue your journey.
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