Not yet. Still need to put one together.
I’ve personally tested both MC Cthulhu and PS360+ in PS3 mode. No idea why it’s not working for you. Unless you bought yours from me aeons ago or you bought an old one used from someone else, it’s definitely not a result of old firmware. If you do want to try updating it just to cross that off your list of things to try, download one of the manuals (firmware update is same for all) and the firmware/program file here:
There is no simple answer. My converter does its job in about 1ms, but you have to factor in the entire chain:
Input controller -> UD-USB Decoder -> Encoder PCB (pad hack, whatever)
I’ve seen input controllers range from ~1ms to ~14ms. If your encoder PCB is not USB based (Playstation 2, for example), I think the encoding time is probably pretty fast (maybe even negligible).