On one of the KS FAQs (maybe the T2 one?) they mention that they won't be able to do it ever. I guess "ever" is a bit much, but a very, very, VERY long time would be more likely. As in, a good console generation or two. Hell, PC doesn't even emulate them AFAIK (at least, they might emulate the ROM but I'm sure they don't emulate the video).
Edit: Well, there you go. This is something:
Nucore drop-in P2K emulator
(don't get excited, it's only for actual machines... but no reason you couldn't get what that's doing and have it run on a virtual table)