The N64 had a 90 MHz MIPS CPU. To think that you can emulate that on a 200 MHz ARM is proposterous. Then you have the 3D GPU with AA and z buffer and perspective correct textures and floating point math which in itself is much too powerful to emulate on the other core as well.
If you want to dream, dream about SNES and NeoGeo which may be possible in some form.
If you want to dream, dream about SNES and NeoGeo which may be possible in some form.