Wow you live in an dream world. Slowing the ARM cpu down for GBA emulation is ONE of the hard things, not the only. The processor core that contains the MMU will need to be the one that's executing the GBA code natively, that means the rest of your emulator is going to have to run off the core that lacks an MMU, that's kinda a challenge.
Look at it this way – UltraHLE was damn fine emulator correct? It's efficiency is legendary. Swiftshader (http://www.transgaming.com/swiftshader.php) is the worlds fastest DX software render. So dig up a 300Mhz PC, slap a 2d graphics card in it, and run UltraHLE using swift shader and a glide wrapper – hell use a 400Mhz PC. I'll bet you no way, no how is the end result running at a playable speed. This combination represents the best possible software render, and what we all should agree is an amazing N64 emulator, all running on hardware significantly more powerful then the GP2X.
It's not going to happen.