Not really. FF7 was so simplistic in nature, that it barely had any loading time at all. That .6 seconds between battles was the worst one, though town transitions could take a bit at times. Playing it on the PS2 nullfified the loads completely.
Yes, in fact it does loading but I'm pretty sure the game was written intelligently, by Square's programmers, so that the game anticipate what is going to have to be loaded and load it before the data is actually needed.
However FFA was written poorly by Tose's programmers, so they just made the game load the data just when it needs it and did not anticipate anything.
For FF5, I'd bet the game loads the whole "MNU" folder every time you enter the menu, the whole "BTL" folder everytime you are in battle, and the whole "NAR" folder otherwise. But this is not intelligent. You'd rather want to load only the needed data at appropriate time.
As for Anthology, the way to remove the load times would be to not emulate the 6502 65816 and go with native code for all instructions.
Unless the emulator uses almost all of the 2MB memory (which I doubt it's the case), it should be quite possible (theorically). You could load about 1/3 of FF6 and 2/3 of FF5 in memory + the emulator !! It should be quite possible to load all maps, dialogue, graphics, ennemies and all battle graphics for a given area in the 2MB of RAM that the playstation have (and then restrict the loading only when going from/to the world map).
As a proof, FF4, which is only 1MB, apparently loads at boot and then never loads anything again.
Or you can bug Gemini and see if he'll release his WIP hack for FF6.
I'm not sure what you are talking about. I searched for a hack called "whip" on RHDN, no result. Tried on google, no result.
I would REALLY appreciate if someone would point me to some debugging tools that would allow me to trace when the game loads what data. I know assembly (although I never messed with the CPU of the Playstation but it's probably similar to all others CPUs) and I know how to hack simple ROM based games, but I'm unfamiliar with PS emulators and ISOs. So it'd be something interesting to spot.