It would need to be by emulation, which, if anyone, the makers of the hardware could do well. The unfortunate part is that even with a well made emulator, you require more power then a console will provide for a long time and a lot of work to make particular games play like the originals, not to mention games that have elements that can't be emulated.
You can't get an IPS TV but if quality doesn't matter to you then it's not exactly a problem. If you plan on working with images then an IPS panel is essentially essential.
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