If you want to play faster use 1964 ( www.1964emu.com ). It has near the same compatibility and for about 25% speed increase. Maybe sometimes a little unstable.
I agree, use 1964 if you need to have better speed.
I recommend Project 64, and use Jabo's plugins already set up, but if that isnt enough, use 1964, use the same plugins, but have Azimers .40 Beta 2 (since Jabo's DirectSound does not work on 1964).