blargg at nesdev came up with a solution to stop the cyclic clicking. http://nesdev.parodius.com/bbs/viewtopic.php?t=231
It works on a real NES, but the big problem with it is that some less accurate NSF players (G-NSF, NSFplug/NSFplay)do not support the fix and will play the WRONG NOTES!
I didn't know about the SM command (actually I just upgraded from PPMCK 7 to 9 yesterday). Are there any side effects from using it? Does the player compatibility issue apply to this as well?