Love to hear others opinions as well...
It would be helpful to understand what you plan to do (emulate what?)
Emulate the MIPS CPU core is not hard and has already been done.
Emulate the system+ many peripheral functions (in MT7688) is a completely different story (other than basic storage and network I/O.)
If for a full-blown Omega2 device emulation, how you plan to feed or output signals (real or emulated) to that emulated Omega2?)