is it possible to make a 1.5 emulator on 2.00 so that way you can run the homebrew stuff on the emu so you got all the combined features or put 2.00 on 1.5 so you have the web browser
Short answer, no. In general when you emulate, you are going to be running the emulated environment at 10%-50% of the speed of the host system (depending on difference of host and emu'ed cores, and how accurate the emulation is). It would be very counter-intuitive. Most likely 2.0 will get hacked in some way, and Sony will release a 2.5, etc etc.