It sounds like you're a little confused about what QEMU will give you. It will emulate an x86 PC, which is a good start, but you would also need an operating system inside QEMU and that's where the problems lie.
You could possibly run DOS inside QEMU and get some sort of operation, but you certainly won't run Windows inside QEMU on a GP2X! And to run Wine, you'd need to install x86 Linux, with X11, inside QEMU, and then run Wine on *it*. It would be a very cool thing if it worked (just to see it!) but really it's completely impractical.
The thing is, the GP2X already has a perfectly good OS. You don't really want to run a virtual OS inside QEMU on top of Linux, because that's too much overhead.
A more realistic goal would be to try and get a simple dos that can run 320x240 games. DosBox would be a good candidate, after all the recent stuff for emulating high-end CPUs and hardware was stripped out. GP2X could probably emulate a 20MHz 80286 quite well, but that's about it.