Patch 1.4.0 adds a Pixel Perfect Screen setting and a CRT scanlines filter, and it will now allow you to disable the awful Smoothing effect.

METAL GEAR SOLID: MASTER COLLECTION Vol.1 Patch 1.4.0 Release Notes

Added new screen setting features

Added the following features.
The settings for each of these features can be changed both before and during gameplay.
1. Smoothing

Can be turned ON or OFF.
Smooths the picture when turned ON, generates a sharp picture when turned OFF.
2. Game Screen Settings

Can be set to a total of 4 settings—“Standard”, “Pixel Perfect”, “16:9”, or “Fullscreen”.
Wallpaper, display area, and screen filter features are also available when using the “Standard” or “Pixel Perfect” features.
The aspect ratio displayed may differ based on the settings or particulars of your device/setup.
3. Screen Filter

Can be turned ON or OFF.
Applies a filter that displays scanlines like those on a CRT TV when turned ON.
Added an audio settings feature

Settings for the game volume and main menu volume can be changed prior to play.
Only the game volume can be changed during play.
Added a controller response speed customization feature

Can choose between “Fast” (new!) and “Stable”.
Some setups may experience unstable performance when set to “Fast”.
If you experience any such issues, please change your settings to “Stable”.

Applied fix to have the game give priority to user set button designs

Fixed some other minor issues