The HITBIT Emulator for PSP has been updated by Seiko. While it does not appear to play games on hardware yet (or at least I couldn?t get it to), heres a rough english translation of the readme:

In order the HITBIT emulator Ver0.03 [ in beginning ] to move on the basis of the source of the fcMsx v3.0 with the PSP, it is in trial and error. In combination with the mk.bat to your own environment, after modifying, please execute. Compiling in the /PSP/GAME/MSX folder of the memory stick, please insert the EBOOT.PBP and the other ROM images which it is possible. [ Reference of ROM image ] CMOS.ROM
MSX.ROM
MSX2.ROM
MSX2P.ROM
MSX2EXT.ROM
DISK.ROM
FMPAC.ROM
KANJI.ROM
MSX2PEXT.ROM
MSXDOS2.ROM
PAINTER.ROM
slot A CARTA.ROM
slot B CARTB.ROM

You can get it in our PSP download section here.