You can take a look in your Video—>Filters and look for:
Blargg_NTSC_SNES_Custom_pseudo_MD_Composite.filt
Or
Blargg_NTSC_SNES_Custom_pseudo_MD_S-Video.filt
I think you might like what they can do as well as the performance.
There are even newer and sharper filter presets which blend the Sonic Waterfalls properly available in my CyberLab Custom Blargg Video Filter Preset Pack.