I see, now I'm not so sure if I should play the remake/port or play the original. If anyone else has any opinion on this it would be cool. Meanwhile I'll just continue playing the first Persona.
Play the PSP version - there's nothing of any real note to playing the Japanese PSX version, and complaining that an officially translated game is worse than one that never got a western release seems way off. The censorship is pretty much irrelevant and more than likely the stretching is something you'd never notice since you'd probably end up stretching the PSX version anyway.
There's virtually no reason to limit yourself to the original release with a fan translation applied.