The PSX port of Last Blade was halfway decent a few years back when it was originally released. It's a typical Neo-Geo to PSX port, so the losing some animation is to be expected.
Though, if you have a Dreamcast, I can't see any reason to pick up Last Blade PSX when you could just play Last Blade 2 DC.
LB on PSX is one of the better NeoGeo to PSX ports, but that's really not saying much. Besides usual downgraded animation, sound FX & voice sample quality treatments, the game runs noticebly slower than NeoGeo original.
If you can get it for cheap, it does have pretty cool opening anime sequence...
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