Whoa, this thread spun out of control really quick. I'd like to clear some things up.
The OP said HE IS RUNNING WHDLoad. The ONLY thing he needs to do to disable caches in the WHDLoad game is add the NOCACHE tooltype to the particular games icon. (Thanks Matt for mentioning this...)
Since WHDLoad sets up it's own emulation environment degraders/system hacks/etc. generally don't work, or end up causing trouble for the emulated environment.
This ones a bonus clarification, as it's really not on topic...
Using the SETPATCH option NOCACHE DOES disable the CPU's data cache. But, again, I don't think that will help here.