ePSXe works well with PEC (PSX Emulation Cheater), I think. What kind of model options did you expect to find, Zeality? Is there more to the debug menu than just model size adjustments?
On another note, I'm detecting only 18 or so instances each of 0x24, 0x2C, 0x34, and 0x3C (possible beginnings for GPU command strings) in Section 1-2 of Serge's model data. I would expect one opcode per "face" on the model, so 18 instances is too few for this section to be representing UV map data -- I think. Furthermore, many of the instances are spaced far too close together for a GPU command to fit in between. But is it possible that a model format would contain commands for multiple types of faces, i.e., is it possible it would use both 3-point and 4-point textured polygons, shaded and unshaded?
And would it be prudent to look for GTE commands within a model file? yaz0r and Halkun have already explained some aspects of the nature of GTE vertex data and commands, though rest assured I'll have more questions about those when I begin investigating this particular matter in depth.