Until the next version of either Project64 or especially Mupen64 (which would be the answer to emulating this game if it weren't for the damn forced usage of the expansion pak) is released, the closest you'll ever get to emulating this game in a playable state is using the Nemu64 emulator with the default graphics plugin. You will get no sound because of the inability to use RSP emulation, but hey, at least you can look at the horror of the severe issues of the game in enjoyment of the wonder if it really is playable or not.
The PC version, of course, thats another way, but if you're not going to pay, all that you can do until the future is use Nemu64 to play the game. I was able to get into the game and fly around just fine, but not much testing after that point....
