The technology is already here and it's not even that expensive. The Wii uses a single core 730Mhz Power-PC chip. For any devs interested in starting this project, there are quad core 1.7GHZ ARM development boards for only $89.
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Dolphin is great, for up-scaling the game resolution. But as far as ease of use, I still prefer using my own Wii and USBLoader GX. If we could get a combination of the two, that would be awesome!
If you're a dev and serious about recoding/compiling Dolphin for ARM/Android, start a kick starter, I'd certainly chip in.