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The game looks great and the audio is the perfect speed but the gameplay speed is far faster than normal. I've looked through everything and tried multiple combinations, however I can't seem to slow down the gameplay.

I have pressed F4 and tried all the modes, didn't help

What kind of FPS does the GSdx window report? If it's at 60 FPS and you are not using speed hacks, it's as it should be. Maybe it seems faster to you if you got used to the PAL version before