For it to have a prayer of working, they would have to get some miraculous SDKs to recompile the games into a manner that would work on the Jaguar/GCN architecture. Remember, the Cell was quite clearly stronger than the X360 CPU, it was just a completely ludicrous PITA to utilize and optimize for.
So it would have to be a game by game, almost 'remaster' style "backwards compatibility".
Pure emulation would be absolutely impossible to manage and keep a solid framerate, unless maybe they did some AMAZING work with async GPU compute. Because the Jaguar is sheer garbage at IPC.