First: hold down Safety button to restore default settings, then change HDMI resolution to 720p60.
IMAGE_MODE: PICTURE SCREEN_SET: STANDARD COLOR_SET>SHARPNESS: 1 VISUAL_SET>AUTO_SCALER: GAME SYNC_SET>SYNC_MODE: AUTO SYNC_TIME: 100 SPECIAL>A/D_SET>MANUAL_A/D: ON A/D LEVEL: 142
Same as above, except...
IMAGE_MODE: NATURAL AUTO_SCALER: VIDEO
Your A/D level might not be the same as mine. Use the 240p Test Suite to calibrate it, using FirebrandX's instructions:
Lastly, it's become quite obvious that each person should ideally calibrate the A/D setting based on their own console for the given profile. The best way to do this is to use Artemio's 240p test suits; specifically the color bars test pattern. So for example on the Super NES, you'd load up the test pattern and adjust A/D until the top two green shades become just distinct from each other. This ensures maximum color range without crushing colors.
Make sure you do it. I had to crank mine up quite a bit but it made a big difference.