the only way it could possibly be done (and this has a very low percent of working) is to rewrite an entire emulator in assembly to take advantage of everything the gp2x has to offer.
if you can get full snes emulation at a low clockspeed (maybe 150) MAYBE (big maybe.) you could get just enough power to do it at 250mhz... without sound. That's of course a huge possibility, and I'm not taking in effect if either of the main emus have asm cores or anything, nor am i taking in menu, or the overhead that causes.
i'd followed the gba snes emulator (snesadvance) for awhile, flubba is an epic champion of coding that deserves fanfare and trumpets announcing his arrival. and he stated that even though the gba has very similar hardware as the snes and due to that many games were at a playable speed (with speedhacks), the SA-1 chip or any of the custom chips, superfx, C1, C2, C3, SA-1, etc bar none, would bring emulation to a crawl. crawl meaning 1fps.
this was a dedicated gaming machine with hardware designed 80% the same as the snes. the gp2x runs completely different graphically, and soundwise, i cant even tell you what its doing different. I wonder if flubba would support us if we gave him a gp2x, and everything he needed to get started.....