The emulator framerate is of course not something you could sue over, but the long delay, maybe. However, I don't think it would be a case you could win, because it's quite clear that the OPT did everything in their power to deliver - it's not like they deliberately made you wait. It's the nature of a "pre-order" to not ship instantly, but only when the product is ready, which in this case took much longer than anyone wanted.
So the net result in the most likely case (in which you lose) would probably be that lawyers get a bit richer, you and whoever you sue get a bit poorer, and not much else happens. And in the unlikely case that you would win, the net result would probably be that lawyers get a bit richer, and either 1) you get a bit poorer, and whoever you sue declares bankruptcy, or 2) you get a bit richer, and other people will have to wait longer for their unit because you made a quite significant "negative donation" to the pre-order fund.
Don't get me wrong: I do understand your anger about having had to wait for that long. I'm quite sure that the OPT would like to have seen things go smoother too though, and I think they have learned a lot from this experience to avoid similar problems in the future (possible exception: Craig, but it seem increasingly unlikely that he will be involved in future Pandora projects). There is no way to change the past though, so let's try to make the future better. We are all fond of the concept of an open handheld (including you I assume, otherwise you wouldn't have ordered one), so let's try to help the guys that made it possible, instead of stabbing them in the back because they didn't do it fast enough for our patience.
The emulator framerate issue is a matter of software; I'm sure if you make a more specific post about it in the "Software support" section of the forum (e.g. mention which emulator and which game), people will be able to help you to improve the speed.