When you enter in the Pause Menu, this load something like a Black Screen for the Inventory Debug:
Note: This happen the same thing on the Bootup of the ROM, and is for this reason why you can't see the N64 Logo when you load the ROM.
So, if you remove this, the Pause Menu will load more faster, but the Inventory Debug will not work and you will get this:
Note: Obviously, you have the Inventory Debug disabled in your released mod...
So, to make the Inventory Debug functional again (Just in case), you can try the other method and you will get this:
Btw, if you are using a emulator & Jabo D3D, you need put the Direct3D Clear Mode: Always, and the glitched textures will be fixed.