Console Emulation vs. Direct ROM Porting

I've been around the emulation scene for a fairly long time, and know that emulation always runs just a bit slower than the real thing due to the fact that the emulator must take all of the process calls made by a game ROM and translate them from calls specific to the ROM's console into calls usable by the PC/other system. On the PSP, however, this makes some games harder to play, specifically games from newer and more powerful consoles.

Has anyone even attempted to reassemble a console game ROM into a format that can be run natively in a PSP environment, without any middleware save possibly an eLoader?