Well you have the ISO, no need to burn it to a actual CDR, just mount the ISO then?
As for this FPS Max problem I have no idea.
I would have thought GameCopy World and Mega Games would have had some patches.
Also Mega Games lists WipeOut XL and WipeOut 2097 as seperate games, where your title lists it together as 1 game? (Just found out its a region thing so all is ok now
Anyhow take a look here :
WipeOut XL things
A patch here that claims to slow things down for fast PCs and some network play stuff
Found some forum posts that say your best chance to getting the game working right is some kind of SlowDown CPU app too.