Thanks, that worked for the gray items issue. In case someone is wondering, the latest release solving this problem is may 2011.You can download an older version of Glide 64 to solve the gray items issue, it worked for me.
I also managed to run the rice video, and though the colors of most of the texture look better, I found too many glitches. The hearts slightly overlap (more than in glide), the textures of the names of the areas when getting into them do not load, I cant make Link appear in the menu, and if I touch too many things in graphics config it will eventually crash. I guess I will stick to glide for the time being.