The system requirements for N64-Emulators aren't very high...
Computers have broken the Ghz-limit years ago...
I had troubles with the project 64 graphics too, so i tried out 1964.
It got even worse, but then i gave 1964 another graphics plug-in (I'm using Rice's Video Plugin 6.1.1 beta 10) and now it works fine!
Rice's Daedalus 5.2.0 didn't even show textures, as mentioned above.
Maybe it just needs tweaking, but as long the new plugin works i don't want to mess around with all those settings...