I don't see why it wouldn't be possible really, run it at 240 x 320, lower the quality of the meshes, and maybe slow/disable the bloodflow, and with a psp clocked at 333, it should work out at about half speed, about 10-15 fps.

Hell then again, I barely get C++, let alone C. And I don't want to get in trouble for decompiling the game and recompiling it with the psp dev kit, 'cause while that'd be fun, I think it'd irritate a good amount of people.