Yeah, I have it running for games like Tekken 3 thru the JPAC.
For analog games though, I just configure it to work with my PSX2PC USB controller converter.
Use D3D for Video... and I think all the others are standard.
I actually run the games in 720x480 interlaced, as I have a Nanao Monitor that does a more than acceptable job of it (better than my Sony TV).
You have to fiddle with the registry if you wish to use the AVGAs special resolutions.
With MAME, PSX based hardware games like Tekken1 & 2 work a treat at 512x240 (native res for tekken).