I just tried the new release of JP2 that has the fancy SHW intro.  Regardless of the selected state of the radio buttons in the intro for  16mhz & cache  (basically either both on or both off) in game speed of Mr. Pond is exactly the same.

I measured his speed by my very scientific 'press right on both Steem and the MSTE at the same time and see how fast he runs' test.

Now, get this...   I loaded the older JP2 crack (no nice intro) after MSTE cold boot, and as expected again it ran the same speed as Steem.   However - after cold boot then running Xcontrol and selecting 16Mhz/cache, then running old JP2 again - he is now moving much faster as expected and beating his Steem competition by a large amount in the old foot race test.

Don't know whether this is any worth at all, but in both speeds in the old JP2 test, the music runs at the same silly high speed.