Wow it seems like a big and interesting project to follow, but I very much doubt this would run at full speed tho if it gets all up and running - maybe 10fps at a guess but i'm no coder.. Coders can only just about manage to get the GBA emulators at 60fps so it's going to take alot of work to get any emulator like GC/Wii/N64/PSX to run at a decent speed.
There actually is a psx emulator and so far my crash banidcoot games need a frame limiter there too fast. GC/Wii/64 can be emulated at full speed and besides the scene is so young developers still don't know everything about the system their still researching it and making more improvements give it a few months youll see how different the scene will be.