I'm a little curious here... why not simply use a utility for unpacking iso files like ecm? I was able to easily extract the rom from my game discs and repack it to run on an emulator. Am I missing something here? The only issue doing it that way is the cd soundtack, which there are a few workarounds to (but even on a PS3 you don't get the soundtrack!).

I personally use ePSXe to run these on not only a Windows 7 PC but also an OUYA running off a flash drive. The ePSXe emulator doesn't have any significant frame rate issues, and I can run all the PS Wipeout titles flawlessly in OpenGL at just above 30 fps. I can run them at an even higher rate of an average of 45 fps without using OpenGL.

Apologies ahead of time for not fully understanding this thread.