(If you're using the correct plugins..) I believe epsxe relies more on the graphics card than the processor. Me and my friend are always in competition to see who's computer is better at playing games and such, and since he recently formatted, his is right now, but we have close systems yet totally different ones (i'll get to my point later). I have a 450mhz K6-III w/ 128ram (base) and an 8mb ATI Rage Pro, while he has a 400mhz Celeron w/ 192ram and I think its a 16mb nVida TnT. I'm thinking because of the video card, his computer is able to run games a bit faster than I can. Nonetheless, I can still run most of my games at a minimum of 45fps (usually 55fps average, depending on game) with sound. While a 233 might bring down speed and your ram definately doesnt help (I went from 64mb to 128mb last year, very noticable speed increase) I'd say because of your 16mb of video card that, yes, in the less 3D-dependant games, you'll be able to play them at decent speed.
If you're planning on playing games like Driver 1,2.. (the only games of mine that is sluggish) then I dont know. Try playing some of the older playstation games that werent so graphically advanced. Oh yeah, and from one crappy old ATI owner to another, go with Pete's D3D with texture quality on DEFAULT (you'll see when you get there.)