Being able to handle an emulator, and being able to handle a game are two very different things.
The 1.6 Ghz processor will be able to run the classics just fine, but it's going to have problems with newer games ... I've not tried anything that slow for PSX, N64 type games, but I can imagine the results aren't great.
I have 4.5Ghz processor, and STILL games like Gauntlet Legends, Blitz, etc.. run laggy.
Emulation is almost all about the processor speed, not really the number of cores, and almost has nothing to do with advanced graphics. Whatever you are trying to emulate, you need something MUCH MUCH FASTER to actually emulate it correctly.
But hey, like I said, it all comes down to what you are trying to play.