No rules against using emulators. Lots of people do so they can take screenshots.
Howard, I definitely agree it could be monetized better and if you have some ideas, I'm more than happy to pass them along to RK. I'll at least let him know the stuff you mentioned already.
I think the biggest problem right now is that the person playing and the person donating are the same. One of the best things about these runs are watching other people squirm as they play through the game in sub-optimal circumstances. So I think any improvement needs to focus on letting Person(s) B donate cash to influence the party makeup of Person A.
I'd add financial tiers with both "whitelist" and "blacklist" potential. "Whitelist" = "If I get $20, my Wind Crystal class will definitely be Monk." "Blacklist" = "If I get $20, I will be unable to roll a White or Black Mage."
Blacklist in particular would be interesting. Imagine a UI that lets you set up $20, $50 and $100 tiers with 3-5 classes per tier. As other people donate and your "sponsorship" passes each tier, the classes at that tier become "locked" and there's no way you can roll them. Stacking the donation tiers for maximum drama could almost be a game in and of itself.
On the other hand, part of what makes this so interesting is the random nature of the playthroughs, so I wouldn't want to add TOO much rigidity and ability to influence the outcome ... it's a careful balancing act.