This collection seems to work well on the PSClassic but with somewhat mixed results. All of the games I tested worked but many of them had varied frame rates ranging from 35 FPS to 18 FPS depending on the game. 

My guess would be that its not a hardware limitation but more depending on which platform the game was intended for. Definitely playable but expect a somewhat inconsistent experience when it comes to each games frame rate. Optimal settings listed below.