I've implemented the changes I mentioned in my last post, and thought I should make my new version available to you: http://jiggawatt.org/badc0de/myth_menu_wla-0.07.zip
Just replace the file named NEOSNES.BIN in your NEO2 Ultra Menu directory with the one in my zip. The updated source code is also included for those of you who are interested.
Here's a short video showing the difference in speed compared to the previous menu version: