Sure, those bindings will... work. But it'll be a grossly inferior experience to the original platforms' native controller.

I am not sure we'll get a user experience comparable to real PSX or N64 (or even SNES) until we start seeing alternative controllers available for Ouya that have more buttons. We need something like a Gravis Gamepad Pro for PSX/SNES and most likely a real N64 controller rigged to Ouya somehow to do N64.