Who's "we", if I may?
Any improvements in the emulation code will require someone with solid MIPS assembly knowledge and several months of hard work.
This isn't an emulator you can "just" optimize. JohhnyOnFlame already did as much as was possible to get speed-ups outside the dynarec core, but the rest will need to happen in there.
I advice not to hype this up before you have your first results.
I'm avoiding mentioning him by name at this time, because he has other projects going on as well for the console, and I don't want him to be flooded with PSX related questions.
Like I said, before anything, we're just looking
at it to see if we can improve audio. We haven't done anything yet. From there, we'll see what can be done and if it's possible.
If it isn't possible, then we'll have to wait for someone to come along and create an emulator from scratch for us. Who knows, maybe we'll find someone who used to work on the Playstation's hardware at Sony.
(Doesn't hurt to dream.)