Earlier quoted context omitted.
Sure, and for hardware this old the FPGA could re-implement the CPU (which ran at <4MHz) and the shift register at almost the exact frequency (or whatever frequency is necessary to reproduce the original behavior) of the original as necessary. Then you can run the original software without modification and get much closer to identical behavior and performance characteristics with much lower resource utilization. Gran…
I don’t think reproducing the exact behavior here is necessary, useful, or even interesting. You could use a USB gamepad and get behavior that is close enough that humans can’t tell the difference.
To give you an example: I don't remember which game it was, but it was a platformer, and when the character jumped, the game put the starting pitch of the jumping sound effect in the sound chipset, with the DSP doing the loss and pitch change on each cycle. The game moved the character according to certain value in some register of the DSP, so the game was working normally until you jumped, then the DSP emulation code did something like returning the original value or 0 (because 99.9% of the games just write there), and the game crashed.