This is what I use (latest build)
This game is very long, and bizhawk have problems in making long movie files (it crashes after 3 hours). Best you can do is make multiple movies, tipically no longer than 2:30 - 3 hours and then merge them together.
You should know you have this option:
Record the first movie from "power-on", then every next movie from "Now".
also, VERY IMPORTANT - right after you started the second or third or fourth movie from "Now", make a quicksave on a slot you won't be using during the recording (Let's say 0). That way when you play the second (or third...) movie, load the 0 slot and the game will load from when you started it. Otherwise the movie will start from power on and it won't work. Watch out not to overwrite 0, I usually use slot 0 for my second movie, slot 9 for my third etc...
Mario Party is easily 10 hours long. All three of em, so if you plan to record em, it would be great sure, but good luck.