So lets sum this up,
If a group for developers actually tried to do this. It would take months and probably run bad. Some games could POSSIBLY run at 10fps(?)
If Sony tried it. It would be possible. But only a couple of PS2 games would actually be playable.
Is it worth the effort to even try? Not to even mention the size of PS2 games and how different the controls are (R2, L2, Right analog stick)