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I've only installed FPSE, and chosen the obvious GPU, SPU and CD plugins. The first two have a lot of options, even different plugins, giving an awful lot of combinations.
Which are the best for maximum speed, even losing audiovisual quality?
First of all, you can find useful info on (un)supported games on
FPSE Compatibility Database, like whether 3dgpu works or not, SUBQ, etc...
My experience is that settings largely depend on the game you're trying to run. For example, with soft gpu Tenchu I & II run fullspeed while Castlevania SotN has audio/video sync problems which force me to play in 320x240.
Sadly w3d gpu fails on most of the games I tried with many glitches and strange stuff appearing on the screen (tried the 2 Tenchu, Silent Hill, Castlevania, GTA), but on the other hand on my PegII I can get high fps with sw plugin and no dramatic resolutions (640x480 or 800x600).
On a Peg I I'd use 640x480 15/16bit and w3d where possible, no video postprocessing and possibly mess around with audio settings trying to lower cpu usage. The manual is a good place to look at.