If the player is still too slow your last chance is to lower the mixing /
playing rate of the player. Locate the following line in the [sound]
section of cp.ini:
mixrate=44100
Use the table 4.3as a guideline to set this value.
While applying those patches please remember that modules with more channels will always need more cpu power than those with few. If your Impulse Tracker modules (.it) always click and pop while old Amiga modules (.mod) play fine that's normal, because the modern trackers allow more than 4 channels.
If all this did not help you, there's the last chance of writing better / faster code. The source code is available at ftp.cubic.org/pub/player/ocpsource.tar.gz which is a daily updated archive of the complete sources. Please resubmit any changes (but only those that work) to the authors.