Drakons hack don't affect emulation far as I know. It just fixes a glitch where graphics glitch up after beating a level.
From what I recall, Drakon's fixes for the hack were to make it playable on more than just the 1 (or couple, idk for sure) emulator(s) that supported those "colorizer" hacks. I think Drakon's version makes the game behave more like a black GBC cart would.
I tried both hacks. Same thing in Emumaster for PSP
Damn, that's a bummer.
Have you tried it off the old game boy emulator for PSP? I can't remember the name of it offhand, but it might play nicely with it.
EDIT: I might be thinking of GemP for PSP. Or perhaps Masterboy (from the sounds of it though that one sounds like a past iteration of what Emumaster is today). Hope one of those work for ya!