Alright this is the log from when I tried to load the ntsc.cgp preset.
RetroArch [INFO] :: CG: Destroying programs.
RetroArch [INFO] :: CG: Destroying context.
RetroArch [INFO] :: [Shader driver]: Using Cg shader backend.
RetroArch [INFO] :: [Cg]: Vertex profile: arbvp1
RetroArch [INFO] :: [Cg]: Fragment profile: arbfp1
RetroArch [INFO] :: Loading Cg meta-shader: C:\RetroArch\shaders\shaders_cg\ntsc\ntsc.cgp
RetroArch [INFO] :: Found #pragma parameter NTSC CRT Gamma (NTSC_CRT_GAMMA) 2.500000 0.000000 10.000000 0.100000
RetroArch [INFO] :: Found #pragma parameter NTSC Display Gamma (NTSC_DISPLAY_GAMMA) 2.100000 0.000000 10.000000 0.100000
RetroArch [INFO] :: Loading Cg shader: “C:\RetroArch\shaders\shaders_cg\ntsc\shaders/ntsc-pass1-composite-3phase.cg”.
RetroArch [INFO] :: Loading Cg shader: “C:\RetroArch\shaders\shaders_cg\ntsc\shaders/ntsc-pass2-3phase.cg”.
RetroArch [ERROR] :: CG error: The compile returned an error.
RetroArch [ERROR] :: Fragment:
(0) : error C6001: Temporary register limit of 32 exceeded; 49 registers needed to compile program
RetroArch [ERROR] :: Failed to load shaders ...
RetroArch [INFO] :: CG: Destroying programs.
RetroArch [INFO] :: [Cg]: Vertex profile: arbvp1
RetroArch [INFO] :: [Cg]: Fragment profile: arbfp1
RetroArch [INFO] :: Loading stock Cg file.
RetroArch [INFO] :: CG: Found semantic "POSITION" in prog #24.
RetroArch [INFO] :: CG: Found semantic "COLOR" in prog #24.
RetroArch [INFO] :: CG: Found semantic "TEXCOORD0" in prog #24.
RetroArch [INFO] :: CG: Found semantic "POSITION" in prog #23.
RetroArch [INFO] :: CG: Found semantic "COLOR" in prog #23.
RetroArch [INFO] :: CG: Found semantic "TEXCOORD0" in prog #23.
RetroArch [INFO] :: CG: Found semantic "POSITION" in prog #22.
RetroArch [INFO] :: CG: Found semantic "COLOR" in prog #22.
RetroArch [INFO] :: CG: Found semantic "TEXCOORD0" in prog #22.
RetroArch [WARN] :: [GL]: Failed to set multipass shader. Falling back to stock.
RetroArch [INFO] :: [GL]: VSync => on
RetroArch [INFO] :: [WGL]: wglSwapInterval(1)
RetroArch [INFO] :: [GL]: VSync => on
RetroArch [INFO] :: [WGL]: wglSwapInterval(1)