Is there any possible way to replicate this on the Wii U version? As of now I have a forwarder that leads to Retroarch from the Wii U menu but it would be more preferable to have something of this manner to have Sega Genesis games, Playstation (When it runs better) etc. on the Wii U menu and look like another virtual console game.
lol no.
Virtual Consoles only exist when Ninty releases them for each system (at least one game) for the Wii U.
And that should answer your other question as Ninty is far away from releasing a PSX VC game for the Wii U.