@Nash Just tested it on regular standalone dolphin and it works fine.
I got into Story mode and did a few turns of the undersea board and it runs ok, these were my settings file GP5P01.ini
Game ID: GP5P01 (Internal Name: Mario Party 5, Country: Europe) [Controls] PadProfile1 = 8BitDo Pro 2 [Video_Hacks] VISkip = True EFBAccessEnable = FalseUsing the PAL version,
eb5971d18ae215e94d148985b1cb6706 Mario Party 5 (Europe) (En,Fr,De,Es,It).rvz