METHOD 1: Start a Tournament game with one player (single elimination). Play the first round. During the second round (when the two CPU players are fighting) press Reset on the Control Deck. Now go to options and you will see the speed set at 10.
METHOD 2: Go to the "Game Start" screen. Hold Y, then press L, L, R, Down, Left and R. You should hear a tone if done correctly. Now go to the Options screen and you'll be able to set the speed up to 10.