The problem with the logic of 'We can do PSX, so we can do Y.' is flawed to the extreme, in all cases. =\
The x86 processor, quite frankly, is a huge mess due to it's backwards compatibility. Also, the PSX CPU only runs at 12-30Mhz, while even the lowliest 486 (which I assume your game needs) runs at 30-90Mhz. Also, take into account the VGA card. Heck, even EGA. Or CGA. All of them are really complicated bits of kit, with tonnes of widgets to take into account. The soundcard varies, so all possibilities have to be taken into account, and emulated accordingly. The whole operation is dissapointingly complex because of the way the IBM PC is designed. The PSX, on the other hand, is a dedicated, well documented console.
It's really not in same leagues as the PC.