Great idea, I'll have to pitch it to Fangamer. They're just crazy enough to do it!
I'm sure you can save a few bones by diving in the dumpster of the local abortion clinic for Giygas.
THE BEST METHOD to run PSX games (and everything else for that matter) is via Retroarch - http://buildbot.libretro.com/nightly/
If you have any questions on how to set it up on Windows please feel free to ask, its very easy.