I just finished a first version of my project. It uses a Teensy2.0++ board.
I wrote a custom VGM file streamer (PC side) which sends 64 bytes data packets to the Atmel µC over USB with the RAW HID protocol (no drivers to install) into a circular buffer.
The VGM file format is very well thought, at least for emulation, but not really for realtime, which led me into very interesting timing issues which now seem to be resolved. I was also able to add PCM support for the DAC.
Have a look : http://www.youtube.com/watch?v=cYtwoyx1ccI
It also seems to be very hard to find a 7.67 MHz oscillator or even a 53.7 MHz I could then clock divide so I find a nice solution : an adjustable clock generator I can fine tune very precisly (even in real time which is funny).
And also, I little experimentation : the YM2612 playing 8 bit PCM audio (with DAC mode from channel 6 only of course) at 44.1 kHz still with the RAW HID protocol. I had to adjust the clockrate to ~8.81 MHz.
Here it is : http://www.youtube.com/watch?v=fYWclV9H2eY
I just ordered some SN76489 chips and I'm waiting for those to arrive

Hope you'll enjoy !
Cheers,
sig