I haven't tried loading Akai-format media in a while but my recollection is that GS was expecting to find it on a scsi interface. Back when I was doing things like that I used a Plextor 820 for CDs and/or a Scsi Zip drive and never had a problem. It's also possible that its looking for some ASPI support which is missing in current atapi drivers... you might check to see if you can download some enhanced 3rd party ASPI software from a controller munufacturer like Adaptec.
I verified the drivers between my old system and new system. Both have exactly the same XP drivers.
The problem might be related to usage of SATA controller on my new system. The same controller has SATA hard disk drivers and CD/DVD combo drive connected. It is doing probably some sort of IDE emulation for the CD drive. That seems to be the only substantial difference between the two systems (other than different model of a CD drive).
The Gigastudio probably uses some sort of low level access to read the AKAI format and that type of access fails when CD is on a SATA controller which emulates IDE. Still, this might be due to drivers that are not good enough. (the old system uses IDE controller so it probably would not require any special drivers)
If I ever solve this problem I would post the results.