You know what else is disappointing? The fact that we used to have threads with this level of thought and care put in by the OP. I feel like this kind of content isn't really created anymore. This thread being bumped caused me to drag out my copy of VF4Evo to play!
Cheat Device is able to boot into the PS2 bios, but gets a black screen when trying to load OPL. However, resetting (as opposed to powering off) the PS2 keeps the codes in memory allowing you lauch OPL and successfully boot the game. I have to say I'm a bit disappointed, whatever resolution the backbuffer uses is clearly lower than the arcade version. IMO, a good deinterlacer produces a more pleasing result. Using a CRT or emulating at higher resolutions with PCSX2 are options as well.