PS1 emulator console is, as you expect, a console that uses a PS1 emulator and peripherals to work similarly to the original PS1 console. The emulator I use is called PCSX reARMed due to its ability to run on a arm processor. Games for this emulator will be taken from any PS1 game CD via an attached CD drive. Finally, the game controls will be inserted from a PS3 controller via Bluetooth connection.
The instructions on set up and operation of the console is mentioned in the linked GitHub repository.
Here is a video of the console being used:
Look into possible ways of running games from the CD so download time can be reduced or eliminated
Improve output audio so the random audio cuts stop
Implement project for a Raspberry Pi to reduce total cost by at least $20