Yes, curious that the Japanese version which has the same content as the European one works very well the only differences are the languages and frequency NTSC 60Hz.
I made this version
https://gbatemp.net/threads/new-mode-to-fix-ps1-games-for-psp-and-psvita.607286/post-9985464
with a workaround and as far as I tested it worked well, however the loadings and rendering of the scenario are slower, so I made a 60hz patch and the game is even too fast, and can be adjusted to the PSP/PSVita clock to improve, but scenery rendering is still slow. But it seems that at least the game does not crash as far as I went. I have already been confirmed with the completion of a version with the same modification.
But Retroarch is the best option for this game. Seems to go pretty well on the Vita.
EDIT:
It also seems that if you change to Japanese region with SetRegionGUI and use SLPS01724 together with POPsLoader versions 5.51, 5.50, 3.71 and 3.52 the game works fine, but I recommend trying this method in 5.50 + Fast loading mode enabled. For PSP users.