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PSP CFW emulation never really appealed to me with regard to consoles I own anyway; but I've heard of using one to play PS1 games, something I should look into... unless you know more yourself.
I've never played pokemon on a psp, but I have played it on my calculator(Ti-nspire CX CAS) so that I can get away with playing it during school. Only one of my teachers has ever caught me, and he thought it was cool and didn't actually care.