I've tried out the Dolphin emulator, for Twilight Princess in fact. The thing about Twilight Princess is that you need a really fast CPU for accurate emulation. If it's too slow, then the audio desyncs and hitches all over the place. I've overclocked my 2500K to 4.2 GHz and it still gets audio glitches.
Twilight Princess looks great on Dolphin, though. You can actually turn up the native resolution to HD and add goodies like antialiasing and anisotropic filtering. It has Direct3D 9, OpenGL, and Direct3D 11 rendering modes, various graphics and performance options, and even different audio backends, so there's a lot of room to figure out what works best on your PC.
As long as you overclock, your 4770K should be capable of playing it relatively smoothly. Just be sure to follow all the optimization guidelines on the official Dolphin wiki.
Eh...while there is some multithreading built into Dolphin, it still very much needs high single-threaded performance, which your 8350 is not as good at as even my 2500K. It's worth a try, but you will definitely need to push to 4.4 GHz.
That's disappointing. I was looking forward to a day where Dolphin would get to a point where a processor liek the 4770k wouldn't still need OCing to achieve playable frame rates. But I also assume this is in part because we're upping the resolution to 1080p?
As for people saying that why not get a Wii? As said, the games look far more beautiful in 1080p. I have a 1080p HDTV, this isn't the stone age. I don't want to play games at low resolutions I want to see them at 1080p on a big screen. Biggest reason I don't play the Wii or Gamecube is resolution is horrible so it's not even worth playing it on my 70 inch HDTV.