Edit: it would be nice if we could somehow make the LoT interface look correct (just have the circle in the middle and no semicircles on the outside). What's causing this issue?
Somebody must implementing the mirror part for hires textures in LoadTex of Glide64/TexCache.cpp to work correctly when the texture must also be clamped. Right now it sets GR_TEXTURECLAMP_MIRROR_EXT for this texture in TexCache... which is not really the expected result. But it should most likely mirror in software and then set GR_TEXTURECLAMP_CLAMP. At least this is what is done or this texture for the original lowres version
to get the European version converted to NTSC, or anything else that will make Zelda run at its proper frame rate, but the only solution is to use the native NTSC version. Please make an NTSC version, it's so close to complete with the PAL version, it should only take a few minutes.