have you tried the !A310Emu by Jan de Boer? it is very fast and he is still improving it..
No idea about CD drives but you might be able to get in touch with him about that..
his homepage with the emulator: [link]
Jan dropped by on sunday and he showed that on the A9home his emulator runs at about 1/16 the speed of the A9home. which roughly translates to a 25 Mhz ARM3 or so..