This is directed to the mod of this game (and all the other twisted metal games so I don't spam each forum with this question) is there a recommended emulator? And are there any banned emulators?

I do not believe there are any banned emulators. I don't think we've had a reason to ban any yet. I don't make that decision though ;)

Gotcha, just didn't know if there's any major differences in load times and game speeds

I haven't banned any emulators at the moment. No extensive research has been done on them to figure out if any deserve a ban. At this point in time, Twisted Metal is strictly about playing and enjoying the experience of smashing cars with napalm as quickly as possible. Go ham, young Tron_Javolta.