Suppose it really depends what emus you are talking about. Chankast won't run at any kind of decent speed on a 1.2. I tried it on my Morgan 1.1 when it was my primary CPU. Basicaly every game was quite far from playable.
Yes it is possible but it is an EXTREMELY bad idea to try and do so. The whole point of the SIMD (MMX, SSE, SSE2) is to have a single instruction process multiple data. To emulate the instructions on a processor which doesn't have them would involve trapping invalid opcode (INT 6) and emulating the instructions in a loop. This defeats the whole purpose of using the SIMD instructions in the first place. It's better to have different versions of critical performance routines (MMX/SSE/SSE2, MMX/SSE, MMX-only, non-SIMD)and use the appropriate routine for a given CPU after checking what's supported via CPUID level 1.