Why not try it with Sega Naomi emulation instead of PS2 emulation? That's bound to run better, and the Makaron emulator is supposed to be quite good at this point (I believe it runs CvS2, MBAC B2, for starters). Haven't tried it myself because the games I want to play for the system are already on other stuff (like the two examples mentioned above). Getting some GGPO-style netplay, on the other hand, would make me instantly want to try and get the thing running, especially if there's never a PC version.