Your right there kid A, i just re-downloaded the emulator (chankast alpha v0.2a) and it is working fine for me (no more chankast auto shutting down on me).
intro screen to daytona usa2001 (chankast alpha v0.2a) running smooth, you cannot even notice any graphical glitches. i`m looking at 16-40+fps dependent of how many cars are on screen at the same time. sounds slightly fuzzy but thats most likely because of the slow frame rates and my not so powerful pc, plus built in sound.
When i press start the game goes into mode select (all options are visible). if i select the single race, the car and the race track can be seen but the options are missing (invisible). You can hear your option selection if you tap your directional pad/buttons in any directions.