Psx is very very old system from 1996. You dont have to oc your droid for a emulation of it.for n64 it would make sense cause n64 has 64 bit and 66mhz. But psx just has 33mhz and 32 bit. The 3430 haves much power per mhz. The cortex a8 nearly doubles the speed of an arm11 for example. The 550 mhz droid with cortex a8 is as fast as a n97 nokia would be with a 1ghz arm11.
I'm not sure I believe this to be true, consider the fact that when running certain games, even the SNES emulator can have framerate issues on a non-OCed Droid. It is a much bigger feat to emulate the PSX's MIPS R3000 chipset.
And FYI, the N64's processor is a NEC VR4300 (low-cost derivative of the MIPS R4300i) clocked at 93.75MHz.