Funnily enough I was getting the exact same error with PJ64 1.7 whenever I played Banjo Tooie with Jabo plugin.....I have an nvidia geforce 8600GT, and it turned out that through replicating the error I found out that it would seem that enabling X2 SAI in Banjo Tooie causes this exception error.....granted I have widescreen, high resolution, high anti aliasing and texture filtering and all the rest of it on too, but it can handle all that no problem....it only slowed down and ultimately quite quickly gave this fault when SAI was enabled....with SAI turned off, although I am still testing, it seems fine. I havnt had the crash once yet.
But shunting to another graphics plugin would be the first port of call since it's the easiest and least time consuming option. But not without it's detractions, since you use one plugin over another one for reasons. And using different ones brings with it some minuses.