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Running Drakengard without any speedhacks on i get a max fps of around 35 in combat, but turning on speedhacks causes a corruption of hte graphics of caims pants, and of enemies when they're flashing after i get hit.
i'm running the latest pcsx2 version, direct3d10 native res, with bobtff
speedhacks i have ee cyclerate at 2 and vu stealing at 1 as any increase to vu past that causes a lot of graphical flickering.
EE stays at a constant 90-100% in combat, and gs is around 50%

You might be out of luck with Drakengard and that CPU. Your processor is old, and slow on top of that.

I don't know how the game emulates personally, but there was an guy havig speed trouble with an i7 and that game. Maybe you could find some ideas from his experience.

I can get the game running at good fps just with corrupted textures on the pants of the main character and on enemies after they hit me and are flashing.