Love to hear others opinions as well...

@ OP
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?)