However if you aren't dying to play it another fix would be to use FPse's subchannel support feature which would make your disc work. Basically you would go to Redump, click on your version of FFVIII and at the top of the page there should be a tiny downloads bit that says "MD5 • SFV • Cuesheet • SBI subchannels"
Click the SBI subchannels bit, this will download a .sbi file which is what you need. Next you have to put it in the same folder as your FFVIII image files, it has to have exactly the same name as each disc so for example:
FFVIII Disc 1.bin | FFVIII Disc 1.sbi
FFVIII Disc 2.bin | FFVIII Disc 2.sbi
FFVIII Disc 3.bin | FFVIII Disc 3.sbi
FFVIII Disc 4.bin | FFVIII Disc 4.sbi
The only problem with this is right now it doesn't work, not with FFVIII at least. However, I *THINK* Schtruck may have found the issue and fixed it, fingers crossed it might be in the next update so you could choose to wait for it to be fixed or obtain an NTSC copy