I have tested the Z80 Hblank interrupt and use it as a Timer to write Volume data to the PSG register at audio rate...
As far as the timer resolution goes, we can synchronize to the Tone period in near 1 useful octave range for NTSC or PAL and 2 octave for a discrete down clocked SN76489.
We can also use the Timer waveform alone to play notes below the 10bit frequency limitation of the PSG (109Hz for NTSC, 108 for PAL)
As for any clocked frequency method the pitch resolution increase as you increase the wave period. good for bass!
Anyway, this feature will be available on my upcoming Super PSG Vsti

Here is a test on emulator then on the Sega Megadrive PSG:
Only 1 channel is used.
http://youtu.be/08Sm8BL-BF4
Here is the feature implemented in the PSG Vsti (beta)
(you might see some AY3 8910 EG at some point, this is because I have emulated this feature to add Buzz and SyncBuzz type sound to the Sn76489...also added ability to play PCM or PWM samples!)
http://youtu.be/ZRCEDi-DbVI
Last but not least, an implementation of the same feature on a discrete SN76489 chip controlled by a micro-controller (that will optionally work with my vsti too)
http://youtu.be/pm8b83xhCoE