It depends on your system... a redraw rate of 45 is great on my athlon-m 2000+ laptop, but anything under 100 is unbearable on my 2.2GHz Pentium 4 desktop... go figure
You can get a good idea of the ideal redraw rate by how fast/smoothly the loading roundel spins during the gray startup screen
I set mine to 1 and it runs fine. Very smooth graphics. The only thing that still feels slow is the delay when you click on a menu item. I understand that the emulated CPU runs slower as you decrease the refresh interval. I guess my system is fast enough because it runs fine even at 1 for me.