Such a collection would be plagued with emulation errors, I'm sure. I doubt the programmers would do anything more than a half-ass job.
Besides, that's a lot of needless discs. You could easily fit most of the games in the series on one DVD--all of them excluding the PS2 games. If it were released for PS3, ALL of them could be released on one Blu-ray Disc, including the PS2 games. Heck, it wouldn't even have to be a dual-layer disc, since 25 gigs would be plenty, with tons of room to spare for all sorts of extras.