I think that the quickest time you should be allowed to submit with an emulator is 2:00:00. The reason for this is the differences in load times and varying stability levels between emulators. What do we all think?

I tested PCSX2 with as close to the settings found in a below link as possible. on MY pc it constantly dropped below 50 FPS (full game speed is 60) and played slower than true PS2 gameplay. Loading screens may be slightly shorter (hard to tell without timing) but it probably wont make up for the lost gamespeed throughout the whole game session. If you want to emulate, you'd need a good PC to catch up to gamespeed of a ps2 and unfortunately for a large number of builds and pre-built PCs it just won't happen. With a good PC and good settings it's expected to run at a smooth 55-60FPS usually staying at 60 without going over.

PCSX2 settings : http://forums.pcsx2.net/Thread-Mercenaries-Playground-of-Destruction-SLUS-20932-U--30015

PC (Laptop) : http://store.asus.com/us/item/201612AM300001657-ASUS+GL753VE-DS74+17.3%22+Gaming+Laptop+GTX+1050Ti+4GB+Intel+Core+i7-7700HQ

on top of that my version of PCSX2 is different than the ones tested in the PCSX2 thread and certain parts of the emulator may be changed