That sounds like a hard hard real-time [1] problem, one that I would be very scared of trying to implement over USB to a PC. Especially if that PC runs a ordinary non-real-time operating system.

Sure, USB and a typical desktop-class CPU are easily fast enough to handle the bandwidth requirements, but I don't think you could safely uphold the latency requirements in order for the emulation to run well. There I said it, now some crazy h4cK3r can prove me wrong, and everyone wins! :)

[1]: https://en.wikipedia.org/wiki/Real-time_computing#Criteria_f...