actually, now that 1964 8.3 is not avaliable, pj64 1.4-1.5 is the better option. the avaliable version of 1964 (7.3) cant do the jpeg thing, the static backgrounds would not look good.
in conclusion, use pj64 for Zelda OoT. Zelda MM doesnt have static backgrounds afaik, so you could use anything for that.