Sega CD emulation is feasible-- lowering the clockrates of the 2 68000s involved may help a good bit. I imagine the MCD 68000 does not necessarily NEED to run at 12 MHz-- 50% faster than the clock of the Genesis/MD's-- to handle BIOS functionality. That'd put a big dent in the demand.
The 32x is pretty much guaranteed never to work properly. It has 2 21 MHz SH-2 processors, plus extra video and audio hardware. That's just far too much for the GP2X to likely handle. Maybe if, in some games, the Slave SH-2 isn't doing work but the Master is, you could turn off one of them. Or halt the emulation of the MD/Genesis' 68000 in some games, as it doesn't actually DO much or anything in a lot of 32x games (for example, in Kolibri, if you halt the MD/Genesis' 68000 the background is the only thing affected.)