I'd like to wade in on this if I may, before this thread dies.
OK, so the Pi emulates a PS1, just about. The specs of the original Playstation are appx:
33MHz LSI Logic MIPS R3000A
2MB system RAM
Bear in mind, the Pi can *only just* emulate this, with 3D causing severe frame-dropping and choppy sound even if the Raspi is overclocked - mine is at 1100MHz/500MHz with half and half RAM split, and Crash Bandicoot 3 is still lag city; while Final Fantasy 9 and it's pre-rendered backgrounds and low polygon count, runs pretty well. Bust a Move runs just as well as its SNES counterpart.
Now let's look at the N64:
~94MHz NEC VR4300
SGI RDP/RSP graphics/dsp
The RDP/RSP doesn't pose too much of a problem from a technical standpoint because we could probably use accelerated OpenGLES to handle the graphics, but the main CPU is three times faster and a MIPS generation higher than the PS1's. A dynrec (dynamic recompilation) CPU core on the Pi wouldn't be able to keep up with the graphics emulation.
The net effect of this would be something similar to running PCSX2 at full whack on anything less than a Core i5: graphics would run more or less full speed, but the entire rest of the game would lag behind it.
A 1GHz ARMv7 with Neon would be *absolutely mandatory* for playable emulation.
Without some other way to do the heavy CPU lifting, forget about it.
Use your own judgement when following any instructions from the forum. I take no responsibility if you fry anything...
LlyrP :: http://llyrpenrose.com/