Although Daedalus did start on x86 many years before the PSP release it's certainly not what I would consider a port. It was really redesigned from the ground up for PSP. If someone put that level of effort into a Wiz version it might run as well. FPU emulation performance would be bad, but Ari64 indicates that N64 games don't usually contain that many FPU operations. The memory subsystem is slow, but it's slow on PSP as well. One massive advantage Daedalus has over the Pandora build of Mupen64plus is that it has really direct and efficient access to the GPU. On Pandora OpenGL ES 2 really gets in the way when you do texture uploads and state changes, and requires complex shaders to emulate N64's combiners. Wiz actually has pretty good combiner capability that can do some of the typical N64 stuff, but I doubt it's exposed to OpenGL ES. To get best results an N64 emulator would probably have to access the GPU hardware directly and while it can probably be pulled off with enough work (since the documentation is out there) it's no small task.
But it'd be pretty cool if someone tried very hard at this. Using Mupen64plus's recompiler is a given.