PCSX2 is a Playstation 2 emulator... It's come a long way, plays most stuff pretty well or perfectly now (I've played ACE3, SDF Macross, Battlecry, FF12, Aggressive Inline, etc. with no issues), so I think it's a viable option. As far as "argh", if you are going to enjoy using it I don't think there is anything to regret either, emulators are great but obviously there's no beating original hardware.
As to playing SDF Macross in English, the console isn't going to effect the game's language, I'm pretty sure that game is only in Japanese...