Yes, and on most multiprocessor machines, the local cache size between the processors is bigger than 4kB
(On the PSP, the second processor actually has it's own dedicated memory, as well as being able to access the main memory). The MMSP2 supports SRAM for the 940 so you can have seperate memory banks too, just as GPH decided not to use it. It would have made such a different to many emulators though, as they could have offloaded various graphics into this ram and let the second processor render them.
I'm already using the source from the OpenSnes9XGP 0.3 version, and I have looked at LJP, but there's far too much PalmOS crap in LJP