There are only minor differences between 1.3.6 and 1.3.7. I added some logic to improve the menu that only runs on the first cycle when you load a game, the search bar in the level selector behaves differently, and the screen edge glows green with the detector. This last one could cause an extremely small increase in processor need, but I doubt it would change frame rates. Now that I'm thinking about it, I can make that lighter. It paints the image now. I'd be faster if I added a pre-rendered green version. The v-sync switch does nothing unless you select it, so if you leave it alone it shouldn't bother anything.
yknytt is the only recent attempt I've heard of, but there have been other starts. KSDS is complete, but it's Nintendo DS homebrew. Not sure how it performs in emulation.