Well looks like my prayers have been answered. After a couple years since its last update, The popular SNES emulator for the PSP "Snes9xTyL" has been improved by a few japanese programmers. I just tried the latest release, which can be downloaded here http://pspupdates.qj.net/Snes9xTYLsm.../49/aid/120473 and I have noticed significant improvement in speed and emulation. Even Rockman and Forte plays at 100% speed with no problems.
Hope you PSP users find this as exciting as I do!