The parameters are independent, the speed and recovery cycles.
First of all the ISA bus clock should be below 8MHz. Original PC had 4.77MHz bus, and some PCs can have the clock at up to 8.3MHz. If it is too high, it may not work, regardless of IO wait state amount (I think bus recovery means same).
Then as you have a seemingly fast CPU, you need to set IO wait states to maximum, as some driver code may want to do delays by burning IO cycles (doing dummy reads for example). The faster CPU you have, the less overhead there is per IO cycle so the IO cycles are performed faster on a faster CPU.
Best example is the original OPL2 chip (in Adlib and Soundblaster). The chip can most likely sit on a ISA bus with blazing fast 8.33MHz clock and zero IO wait states, but software drivers are written so that a certain amount of IO operations take certain longish amount of time, so on a fast system the software delays are too short and so the card is accessed too fast.
So not only the IO device itself may require certain bus clock speed and amount of IO wait states at the given bus clock speed, but also the software may assume it runs slow enough.
Try slowest ISA bus clock speed you can get, and maximum amount of IO wait states (bus recovery cycles).
If still too fast, disable all internal and external CPU caches and maybe even ROM shadowing to slow things down. If still too fast, underclock your CPU with a multiplier or changing to slower system clock (FSB). There may be a limit how slow you can go without stability problems, if motherboard/memory/CPU expects a minimum clock to be stable.
If still static problems, try sound card on a different, slower system, and determine if the sound card is broken.
