I don't have an XT(Nor do I think I'll ever have), so all I can rely on for now is the information I can find on the internet.
I've just set it up to use 8 cycles/instruction on 80(1)86/88 CPUs and the old 4 cycles/instruction on 286+ CPUs. 8088 MPH worked somewhat(end credits music) with 4 cycles, still need to test on 8 cycles.
Edit: Just tested running 8088 MPH. The music sounds kind of correct (recognisable), but it still stutters (CPU running at ~71% speed according to the CPU indicator when enabled, thus explaining the missing audio chunks (every second only being filled ~70% of 44100(samplerate) samples instead of all that's needed, since all audio output generation (except MIDI SF2 emulation) is tied to the CPU core emulation(the clock cycles reported to have run by the CPU for the current instruction))).
Test results of a Intel i7 4790K@4.0GHz (not overclocked due to stock cooling, using the x86EMU commit of 2016/02/19 02:25):
MIPS 1.10 is reporting: Default: 250 cycles:
General Instructions: 2.07 0.84
Integer Instructions: 3.62 1.48
Memory to Memory: 2.49 1.02
Register to Register: 3.31 1.35
Register to Memory: 1.92 0.79
Performance rating: 2.44 1.00
With 8 cycles applied to the Default setting(newly hardcoded in the emulator for pre-286 CPUs, 286+ still use 4 cycles).
According to 8088 MPH deviating 6% with 250 cycles setting. Better results are when the cycles setting is at ~595 cycles (Set while playing though(shouldn't make a difference to the software?). )Dosbox-style cycles, e.g. 1 cycle/instruction). Although there's still a high pitched noise between the music.
Edit: I've also decreased EMS to 2MB according to the emulated board, and MMU(RAM) memory on 80(1)86/88 to 1MB. This makes the app use less memory(which is basically unaddressable or simply unused in the case of the EMS memory board(128/256 pages used by the driver)).