Depends on what emulator you're using. I was running Dreamcast games with an old version of NullDC on a 2.8Ghz AMD Athlon X2 & 8600GT years ago.
Currently I'm running Demul for Naomi games on a 3.4Ghz X3 and 9800GT. It just barely squeaks by for some games. I'm actually running the shmups in Makaron because I was experiencing occasional slowdown in Demul. Newer versions of Demul require a directx11 capable card.
Not sure what you mean by 512nvidia, I assume memory which isn't as important as power.
i5 also means nothing if you don't mention the speed.
The newer intel processors do more per Ghz than my old Athlon processors, but here is my opinion:
3Ghz or go home.
Budget or better card that can handle directX11. For NVidia I'd stick with a 60 or better (260, 460, 760).
Personally I think a Core2Duo at 2.4Ghz would choke, but I don't have any personal experience with it.