I can personally say that with PJ64, if you have a high-end GFX card (Radeon 9000+, Geforce 4+,) then you can run just about any game full speed with a 1.0ghz PIII. This is from *personal experience,* so unless my system is magically special, or there are other factors (and there are, read on,) then I don't see how it could be wrong.
NOTE: The original card (The M4) I didn't really use with Jabo's with any of the higher requirement games due to graphics problems, so I can't make a direct comparison M4->M9. I used Glide64 mostly for my M4, and it's regarded as a faster GFX plugin. The M9 supports FSAA & Ansiotropic Filtering, which I am currently using, with everything at max quality settings.
One Example: Zelda Majora's Mask. With Glide64 + eVoodoo, and my M4, I got 40fps average. Now, with my M9, I get 60fps average. Whether it's attributed to the change in plugins or not, the fact still remains that *I get 60fps average with this fairly processor heavy game.* All the other games i've played with my new card I get full speed now. So if your GFX card doesn't matter, and it was the change in plugins, I still stick by my statement that a P3 1.0mhz is suitable for full speed on almost any game (except maybe something like Paper Mario.)
Another factor is sound, in fact sound is one of the biggest CPU hogs there is! I get anywhere from 20-40% CPU % for sound, and I have a decent sound card! Your sound card DOES make a difference, there is hardware acceleration from sound card just as there is from graphics cards. I have an ESS Maestro 3(i??)? FYI.