Had the ps1 a dedicated chipset for 3d graphics or was it a pre-written software renderer library kind of thing? Was writting a software renderer (with perspective correct texture mapping and a zbuffer, amongst other things) out of question?
While the FPU is busy doing that, the CPU can do the linear interpolation. Once the CPU is done with the 16 pixels, the FPU has also completed the divide and the CPU can do the next 16 pixels, and so on.
Looks pretty decent but is not 100% accurate.