The few emulators available are ONLY for Jailbreak (or using the enterprise cert workaround). No emus are allowed on the App Store by Apple, which is the reason why I don't have an iPhone anymore
Your phablet is probably a much better proposition as the iPad 1st Gen is as old as it gets and it won't run anything at a decent framerate. Also on Android you can easily get way better emus (fpse or ePSXe, I'd recommend the latter) without as much trouble as you'd on iPad.