Necromancing this thread 'cos holy shiz this is a cool idea, and I can't wait to give it a whirl. I've been wanting to play the original game on a TV with the changes from the PSP version. Hopefully some of the audio sync issues during cutscenes aren't replicated here.
Edit: Dunno if it's the PCE.emu emulator on the Ouya or I goofed slightly on the patching, but the CD audio kind of glitches a little bit: whenever a track is about to play, you'll hear a very abrupt remnant of the previous track. Happens every time a level starts, a song loops, etc. Pretty buggy.
But, the opening cinematic seemed to play out all right, and with English subtitles, and the cinematic with Maria plays out fine with the English voices properly synced. The "Castlevania: Rondo of Blood" title screen also looks seriously damn snappy, like possibly even better than the actual Japanese ROB logo. They really spruced it up. The dripping blood subtitle is kind of cheesy, but it's a way better title screen than the PSP version.

It's hard to appreciate looking at that little screencapture, but it looks really cool on my 52" HDTV.