Regarding OPL emulation: Are you really sure that your performance measurements are correct ? Even when overclocked to 800Mhz, 1% CPU usage would mean 8,000,000 cycles per second. OPL3 has up to 18 channels and even when used in 3*2 op + 6*4 op + 5 drum channels (6 ops) mode, that's still 14 channels / 36 FM operators that need to be emulated. At a sample rate of 48Khz (OPL3 uses 49.7Khz), that only leaves (8,000,000/(48000 * 36)) = 4.63 cycles per operator. That doesn't sound right to me (and that's still without envelopes/LFOs).
I still think that OPL emulation would be a nice task for the DSP and since in that DOS-emu scenario the DSP wouldn't be used for anything else, free DSP cycles could be used to improve audio quality and/or add some ear candy (e.g. reverb, eqs, ..).