I think another game is the best option as well. Having a tab will always cause arguments as to which categories should be on there and which shouldn't. Having it as another game hurts no one and provides a leaderboard for those wanting to run whatever misc. categories they choose.
I personally feel that removing leaderboards due to lack of competition is not the right move. Just because the top times aren't on EMU/VC doesn't make the runs of others any less important. That just adds a barrier to entry to newer runners. Although the standard that we set is N64, players really can play on whatever console they choose, and pressuring them to do otherwise (especially in the beginning) isn't constructive in any way.
I can see why opinions would be for the removal as well, but that just seems way more destructive than constructive to me.