Use the Glide64 graphics plugin and under settings uncheck "enable frame buffer emulation". Glide doesn't have the annoyingly slow pauses or the GIM crash, just know that any runs on emulator won't be verified, and probably won't be accepted if you're using a different graphics plugin. VC is the only version that can do this route and get verified.
If I uncheck "Frame buffer emulation" the inventory is still delayed, and the background gets white. If it is checked, the inventory isnt delayed..
Edit: If it is unchecked, the blue potion glitch works, but the inventory is crap. Its not delayed anymore, it now just is black in the background. Any Ideas? And I know it isnt valid using Emulators, it´s just for training purpose.