PS 2.0 didn't help much with Project64, but I can confirm that ePSXe will work at full speed for D3D.
And here was just a quick memory usage test:
Seems like 1GB of RAM was enough for what I do daily. 630MHz processor wasn't, though...
*coughs* Time to bid for that only 753 processor on eBay... it's calling for me...
What puts me off is that the Pentium-M ULV chip is so scarce... that not even my Chinese partner has them, and they called 10 other places to hunt down the chip for me, too. Wow...