This sounds like a dumb idea, and it probably is. But consider a few things:
* NVIDIA GPUs have exceptional memory bandwidth, and memory can be a slow resource on CPU based systems (perhaps limited by latency more than bandwidth)
* The clock speed isn't that slow, it's in the GHz. Still one's clocks per emulated instruction may not be great.
* You can still do pipelining, maybe enough to get the clocks-per-instruction down.
* Branch prediction can be done with ample resources. RNN based predictors are a shoe-in.
* communication between "cores" should be fast
* a many-core emulated CPU might not do too bad for some workloads.
* It would have good SIMD support.
Food for thought.