Here's a tip.
When you do a save state with EPSXE, it saves the 1 meg of video memory, two meg of RAM, and the register states as one gzipped file in the /sstates diretory. You can gunzip the savestate file and load it into a hex editor while the game is running in the emu. There you can edit the save state and save it after changing the data you wish to alter. Epsxe can load uncompressed save state files, so you don't need to compress it again. If you make another save state from EPSXE, it will be compressed again.
This is what I do.
1) Run the game in epsxe.
2) save state
3) Gunzip the savestate with the emu still running
4) load the uncompressed save state into a hex editor with the emu still running
5) save changes to memory while the emu is still running
6) load the altered save state to see what you changed.
7) because you have the save state loaded in the hex editor still, you can change data in the hex editor, save, and reload the save state without having to reset the game or the emu. It;s like hacking the game while it's still running.
You have the memory addresses now, That should make picking though the save state really easy.
Just some pointers.