Full speed for Pokemon Colosseum? Probably not, however I guess you may achieve at least half the speed I get, compared to my configuration below.
For me, the game runs fullspeed most of the time outside battles (30/30 FPS at 60Hz), and slower during battles (the slowest moment is when there are a lot of menues, for example when you choose the moves to use). Not to mention the random problem causing the emulator to forget to play some sounds...