To be honest, I'm suprised nobody has thought to ask this before
You're kidding. There have been two dozen threads on the subject.
The only accurate answer you're going to find is "probably". It is
probably possible for the Pandora to emulate a Nintendo64 at playable speeds.
But just to keep things in perspective, it is also
probably possible to stick satellites in orbit cheaply and efficiently using a
space elevator. Just because something is theoretically possible, doesn't mean it's definitely going to happen any time soon.

That negativity is really out there. Why couldn't n64 emulation be possible? The PS1 has already been shown working at near if not full speed.