For now I've tried this game on SCPH-70004 only through ETH with OPL 1392 (Ifcaro).
Game seems to boot without any compatibility modes, I can even start new game.
Previously you've copied ISO into DVD folder?
Can you launch OPL 1392 and check if you have enabled "Check USB Game Fragmentation" - ON, under settings.
If not, change it and "Save settings".
I remember trying on both PAL and NTSC game turning on and off check USB game fragemntation and had the same result, If it means something I have SCPH-50004 console