Preceding New Game manipulation and setup has already been discussed a fair bit with respect to NG+, where we (Ria and I) have pretty much decided not to do it just because it's kind of gross.
However, it is easy to imagine a scenario in which one could use 4 incense at a normal time in an any% run, have a good amount of juice remaining, and then game over to a boss (Songi 3, Juggercort, etc.). If the runner had unlimited stamina and felt the desire, they could go right ahead and start another run, without having cleared the remaining incense from memory. Would this invalidate the run? It doesn't technically break the rule forbidding the loading of pre-made save files, but it would definitely affect the run in a way that encroaches upon the spirit of the rules.
With that in mind, should formal any% run submissions begin with a hard reset included in the VOD? Or should it just be a thing where if you see "Incense has lost its effectiveness" pop up in Rim Elm, the run gets bopped?
There isn't much of a Legaia speedrunning community from which to draw an answer from, but I would say that as long as you stream your run, you should be good. EPSXE is probably fine. Bizhawk is probably fine.
Just know that running Legaia on anything not 77K+ series PS2 w/ FDS will result in major time loss. I would suggest saving up some funds for a 90K if you plan on making a serious run at the WRs.
Let us know how everything works out. If there are any version differences, I would be interested to learn of them so that we might account for them.
and here is an updated version that starts in the room after the juggernaut cliff cutscene, that also grabs the golden claw