Yes. For most PS1 games, enabling Fast disc speed is standard. The only exceptions generally are games where it can crash the game, which is not a problem for Intelligent Qube or I.Q Final.

Can I do it on ePSXe or not?

If emulater is playstation, you can't do this.

raids_shine is correct. PS1 emulators are attempting to replicate the PS1 hardware accurately. This is a PS2 feature, so it is not possible on emulator.