Wow, I'm extremely impressed there's any N64 emulator for PS2, first I'm hearing of it. Unfortunately I don't think there's any chance of a full-speed emulator being developed, N64 emulation is notoriously difficult even on much stronger hardware.
After some quick google-fu, It seems it was just a proof of concept but never really got much further than that, altho reportedly can run Mario 64 at between 20-30 FPS(with some setting tweaks) which is actually pretty cool. I know the PS2 is pretty much a beast (for the time) but I think flawless N64 emulation is a little out of its reach. Still it doesn't take away from the accomplishment its self tho