Lets say hypothetically that I run a PS1 game on a Playstation Two console. What console should I select for my submission?

The loading times on the Playstation Two are much faster correct? So since the console is affecting the time, I should state that it's played on the newer console.

Looking at the Spyro and Crash leaderboards for an example, you should submit as PS2, but if the option isn't available, add PS2 w/ FDS (Fast Disc Speed) in your comment, or even ask a mod to add PS2 (PS2 is only faster if you use the Fast Disc Speed option, if I recall correctly).