I got pretty far, but the time limit doesn't exactly make the game any easier. It is easy when you use the cheat codes. (I assume you are referring to Prince of Persia 1 on the PC)
The Japanese person who developed the NEOGEO CDZ emulator for the PSP is now working on a CPS1 emulator! No releases yet. Here's his progress: More information (in Japanese), and some pictures here (bottom of the page).