Well, I have some good news about this.
I've got my dynarec working, and VR is running near fullspeed, jumps around 50-65 fps, this is @ 240MHz and without sound. The dynarec is not fully completed, it does lookups when jumping between blocks (this can be removed) and doesn't generate code as good as it could, so there is some space for improvement. Also, I'm going to use HLE for the inner loops, so I have hopes to get it running fullspeed with sound with a bit of overclock.