before implementation in pcsx-rearmed it needs the GL pcsx plugins (i believe the PEOPS plugin in pcsx-rearmed standalone is an earlier version of Pete's) working. these will be MUCH slower on a pi than the very optimised NEON software plugin that pcsx-rearmed currently uses.
so, i don't think it would be playable on a pi. you can run a backported version of this in lr-beetle, which is libretro's mednafen psx emulator, which has a PGXP implementation. it runs v slowly on a pi, also.