Way too high in what way? As in, the analog sticks go from walk to run too quickly? The buttons activate when you haven't pushed them all the way down? (Damn you Sony for making all your buttons analog).FF8 has no way to change this. Since I'm not at home I can't check myself, but if there's a fix for this it'll be in MotioninJoy's settings, not ff8.
Check out the List of FF8 Mods.
I updated those links:ff8_launcher_v1.31.zip Hazeno FF8 Configuration and Launch Tool Qhimm FILEff8_launcher_v1.31.r9-source.rar Hazeno FF8 Configuration and Launch Tool Source Qhimm FILEFF8Launcher.rar Phun Launches Game with Plugins Qhimm FILE MIRROR