Forgive my ignorance (I've never written a line of code before, so I've no idea whats involved), but if an emulator can be made to look full speed by using something like fs1, then simply saying something like "runs at full speed with the help of frameskip, otherwise runs at approximately 60% speed." would be more than appropriate. Maybe define 'frameskip' for people who have not used an emulator before.
After all, if you can't emulate the target system (cpu, audio, etc) and a certain amount of graphics at full speed, then no amount of frame skip is going to help you. So therefore, the base system is running at full speed, but the renderer may not be able to actually take the output from that system and output it in a usable format 60 times per second (or whatever).