All right, after spending boatloads of time messing with Zeroigar's MPEG videos, I think I can comment a little on the PC-FX's FMV playback.
Zeroigar's movies are 256x208 pixels, with approximately 30 horizontal lines and 8 vertical lines of blackness around the real video. They run at 12 frames per second, have 31.5kHz stereo sound, and average about a 227kB/sec data rate for playback. Note that this is not a totally constant data rate; there's actually quite a lot of variation over time.
Within these parameters, the PC-FX appears to have fairly decent and versatile video playback. I'm just speculating, but because the drive can go up to 300kB/sec, I suspect that you could maintain similar quality going 15 FPS at the same resolution and sound quality, even with no black areas. With no room for variability, though, some things might not encode well.
With the sound set to 22.1kHz mono, I'd imagine that 20 FPS would work fine, assuming that the system can re-portion the bandwidth.
The tool I'm using for encoding the Zeroigar videos has a maximum of 256x240 resolution. Whether the system itself can go higher than that, I can't say. Also, while the maximum sound quality appears to be 44.1kHz stereo, it can go all the way down to 15.8, 11, 7.9 or 3.9kHz mono. FPS rates include 30, 20, 15, 12, 10, 6, 3, 2, and 1.
Finally, one thing to note is that visually active footage at 30 FPS is probably going to look terrible when coupled with any kind of decent sound and resolution. I would be surprised if any games used 30 FPS at all.