Hey! This is a really ancient thread, but it's the first thing that comes up when you Google "Tokyo Xtreme Racer Zero crash PCSX2", and the issue I had is this exact one.
Using the newest build of PCSX2 (1.6.0) and GSdx included with it at time of posting (May 2020), I was able to get TXR0 running perfectly fine and crash-free. I had the same issue that it was crashing any time the game would go to a black screen to display the slowly blinking "NOW LOADING", so after the intro movie and when returning to base from being out on the highway.
I did not get it to work with anything in this thread, but:
I got it to work by just setting EE/IOP and VUs Round Mode and Clamping Mode to Chop / Zero and Extra + Preserve Sign (so the lowest option for each one), and disabling Widescreen Hacks.
Now I'm playing the game fine in 4:3 or stretched, with no issues whatsoever.
Good luck to anyone that's Googling trying to get this awesome old game to work, I hope something in this thread is of help to you!