Hey aaron! If you are going to use emulator, I'd recommend playing on gamecube since the loads are faster than on PS2. But yes you are allowed to use emulator, as some (small) testing has shown its slower in loads. The lag will depend on your hardware's specs, you need to try it to know.

Good luck on running the game and don't hesitate to ask if you have anymore questions!

Can't wait to see you run the game!