You are missing the point. Someone has to write the emulator. Of course the Pandora is powerful to handle some sort of N64 emulation, but it will take time and dedication. Just like the N64 emulator on the PSP took time and dedication.
Please look at this thread:
viewtopic.php?f=2&t=162
You will see that there is no active developer although it is acknowledged that it might be possible.