It is, actually. The wiki at obsrv.org has instructions on how to set things up on a real PS2 and in fact recommends it as the most stable option. Not sure if there would be load time shenanigans between a PS2's DVD read speed and emulators running on all sorts of different devices.
http://wiki.obsrv.org/index.php?n=Main.HomePage
It looks like you can also play on a PS3! Neat.
Note that you will need a way to run the patched Japanese isos at the very least, unless you have the original Japanese discs on hand and the region locking isn't an issue.
Remember that you don't need to hard mod your PS2 in this day and age with things like FreeMCBoot.
I guess I don't need to sleep if its a weekend