You can't make the input identity convert to RGB, no matter what coefficients you use the Y component will contribute linearly to all three RGB components.
I don't know where the alpha blending is done by the IPU, in RGB or YUV space (is the latter even possible?) but I think it doesn't matter.
You can convert from RGB to YUV or YCbCr but it's questionable that it'd be faster than doing the blended scale in software. You'd probably want to use the SIMD extensions either way. If the emulated platform operates fully in paletted color spaces (ie, NES) then you can convert the palette to YUV, but you still have to de-interlace it later.