A PS1 emulator on the 3DS may be possible if dynarec is used. As far as graphics are concerned, it may actually be easier on the 3DS GPU to render PS1 games than it is to render SNES games. With hardware rendering with BlargSNES, each 8x8 pixel tile is rendered using 2 polygons. Up to 33x29 tiles can be visible onscreen per layer. While Mode 0 has up to 4 layers, the most widely used Mode is Mode 1, which has 3 layers (though most do not fill the entire layers with tiles, as that would obscure the layers most of the time). Many games can utilize scanline alterations to the layers (likely 1 in most cases when this happens), so multiply that by up to 224. Then if the game runs at 60fps, multiply the count by 60. When it comes down to it, it's drawing a lot of polygons, and all practically textured. That's not including sprites.
Now, taking into account the polycount given by Sony regarding what the PS1 can output. Specs suggest around 180k textured polygons per second (and that's about how many Vagrant Story does, and I assume that's one of the more heavy polygon titles on the system). That's roughly 3k per frame if done at 60fps. A single SNES layer is already over half that amount. Polygons aside, there is one problem. Most of the time, textures are paletted, which just like it does with BlargSNES, the textures would have to be converted. Unlike the SNES, however, the textures aren't all fixed 8x8 pixels. They are variable, incremental by the power of 2. If bumpmapping and using the 3DS GPU's reflection samplers can be used (like it is being theorized with BlargSNES), then it won't be as much of a problem. The unfortunate thing about that is that the palette size is far greater than 256 actual colors, which the sampler is limited to. Sure, textures can only be up to 8-bit paletted 256 colors), but there can dozens of those, or even 100s of 4-bit palettes, or even a mix, because palette sets don't require much space in the PS1's 1MB of VRAM even after most of it is filled with textures and the display buffers.