Actually, emulating an N64 isn't as processor-intensive as you might think.
I'm confident that if someone can emulate a Playstation on a Pocket PC, then someone can emulate an N64.
My reasoning behind this is sound:
Fact: PSX can handle more polygons per second than the N64.
Fact: You can disable texture-filtering and perspective correction for more performance.
Fact: You could also lower the resolution, although this may possibly be a little bit more difficult than the previous.
Fact: People like to do things that other people say are impossible, especially when it comes to software and porting and doing it all on a limited-performance device like an Amiga or a Pocket PC. (usually only half of a job, see how much research has gone into making better NES emulators for the Pocket PC?)