Another update. It's up to Ocelot, the second half of the boss fight is terrible and needs to be redone, but I'm satisfied with everything else. Currently about a minute ahead of brazilianjoker's run, which is saying more about him as a runner than me as a TASer :P
Oh, and errror1, if you can get a full encode of this - my informant wants to see my run and can't get PCSX to run properly :P
MAJOR UPDATE: I knew going in that I was one bullet short for the Ocelot fight, but I thought that I could grab one of the SOCOM refills during the fight without losing too much time. No such luck, so now I redid the last part of the Meryl fight so I save another bullet (13 for Ocelot) which is two seconds slower. Once I finish Ocelot properly I'll update again.
EDIT2:
Here's the updated PXM. Sorry for the crash at the end, I'll have that fixed next update.
EDIT3: It's still crashing for some reason. I've always been able to override it in the past, but now I've lost 12,000 frames thanks to that. :( Okay, I'll keep working at it.