Try to burn disks at 2x.
It could also be related to the current functions : there are issues with the current Jo Engine CD functions according to my tests.
You can use the SBL GFS_Load functions (look at RockinB tutorial to see how it works :
http://www.rockin-b.de/saturn/saturngametutorial/SaturnGameTutorial.htm ) for now as they are much faster, but it would require you to play with memory allocation (sending everything to Low-work RAM should be the easiest way).
Also, try to use Single plane only on your model.
Trust me, you don't want dual plane except for some rare instances (a quad that you need to be able to see from both sides).
From what I see, there should be no reasons that it can't work at 60 FPS, but like I said you must keep the amount of quads at a reasonable level (400 more or less) and at a rather low texture resolution (16x16 should be fine).
The Saturn is also quite good with untextured quads, so you can play with that too.