That's because the more accurate emulation of 2.x sucks.
You'll need to use PJ64 1.7.0.50b23 for it to not crash.
You can get it here...
http://www.emudesc.com/threads/proje...scarga.400943/
The 2shared download is the only working link,confirmed no malware or viruses noticed upon installing it myself.
And that's the only one I know that can run this code.
Good luck!
Edit: But now you could just probably extract the model via a powerful editing tool called Banjo's Backpack when the update is released.
The site for this tool is also named Banjo's Backpack.