I took the liberty of testing all of the PS1 shmups that I own yet again just to be sure of their compatibility. Here are the results:

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R-Type Delta - works near perfect, can't see high score after level completion though

ThunderForce V - works great, some audio skipping every once and a while (can be fixed by pressing timeout)

RayCrisis - works great, visuals are in-tact, some slowdown, music skipping here and there but mostly plays good

Raystorm - runs smooth overall, but many laser attacks are too transparent and difficult to see which makes boss battles incredibly hard, music is flawless

Gekioh: Shooting King - plays smooth, but has serious sprite overlay problems, no music running, sound effects sound cut off

Xevious 3D/G+ - Xevious Arrangement works, but has sever slowdown, Xevious and Super Xevious will run at normal speed with perfect audio in normal screen mode (non-tate) but the background sprites are all broken up, xevious 3D/G will run great but the audio is skipping constantly and is only playable by completly turning your TV volume down

R-Types - won't boot

In The Hunt - won't boot