DosBox would be something I'd really wish to have on GP32 (and GP2X perhaps?). Perhaps it would be possible to have descent speed for very low end PCs, XT/286 and perhaps 386. Perhaps not?
Except from games, I'd personal love to run some old demos on such an emulator. Imagine watching demos like Panic, Cronologia or Legend on this little handheld! But then again, even games like Dune 2, Eye of the beholder and stuff, would be quite managable and requiring only a 286. As for the keyboard, an option in the emulator to attach buttons to specific PC keys or mouse would be ok.
Though, a hard project and quite much optimizing needed. The DosBox needs at least 1 Ghz speed I think to run 386 related stuff smooth. I think..
p.s. Another emulated machine the GP32 is missing: Amiga anyone? How hard would that be..