OK. I did some testing on the overlay method.
On my HTPC (i7 950 @ 2.80GHz GTX 1050 Ti w/ 4GB)
Test was kind of inconclusive. Running Beetle PSX HW and even the notorious Snes9x I got a flat 60.00 fps both with the shader defaults and the Overlay method, although the shader was very slow to load. I am really surprised at how well it ran, I always assumed it would be terrible.
On my lovely wife’s everyday box. (i7 860 @ 1.80GHz GTX 750 Ti w/ 2GB)
At first it seemed inconclusive, 58-60.00fps very little sound stuttering on Snes9x. (But VERY, VERY slow to load.)
Until I loaded HSM’s crt-royal! 28-33fps. Simply changing the aspect to 4x3 got it up to 55fps!
It seems this method has value! (Note: Changing the frame opacity and all shadows opacity had no additional benefit. Also, crt-easymode-halation ran the best in all my tests. I am actually blown away at how well it ran on the GTX 750 Ti)