So you think that the latest version may be problematic for Peace Walker? Let me know what you find.
Ya its borked, no dev has replied yet.
I'll downgrade from a binary I still have and see.
THE BEST METHOD to run PSX games (and everything else for that matter) is via Retroarch - http://buildbot.libretro.com/nightly/
If you have any questions on how to set it up on Windows please feel free to ask, its very easy.