I've found that it's much harder to land the 5 catches on my PC. On PS2 I can do it with a few second to spare most of the time if I'm not fatigued and don't screw up. The reason for this is that the game does not seem to run as quickly/fluidly on my PC as it does on my PS2.
For instance, if I'm dual boxing, animations for various things will complete on PS2 sooner than they do on PC. Additionally, my characters footsteps seem slower on PC despite the fact that I'm still actually moving at the same speed.
This really shows whenever I'm dual boxing two characters and they both board a ship/airship/whatever. The character on PS2 will already have completed the cutscene and will already be loading the next zone while the PC is still viewing the cutscene and hasn't even gotten to the "Downloading data" screen.
I guess I can chalk this up to having a sh*tty PC, but the point is that minute differences like this make a BIG difference when going for the Penguin Ring, so I would first ask if you notice any game performance differences from today compared to when you last tried for the ring.