I haven't had good luck with emulating the N64, it works and plays yea, but not perfect. And I want it to be the best possible. The reason for hooking up a N64 is for Mortal Kombat Trilogy, which isn't a very good port, but the PSX version has loading times that take days. I haven't played the Sega Saturn MKTrilogy but I was told its just about as long of loading times. And I haven't been able to see anything about the PC version.
Maybe the Wii will be releasing the N64 MK Trilogy soon with enhanced graphics and sound from there Virtual Console...and if so, Id like to go that route.