Now I am in no way saying that emulation even under the best conditions has zero lag in comparison to real hardware on a CRT and I don't have the equipment to do scientific testing.
If you use an emulator that supports Frame Delay (Retroarch and GroovyMame) and you have a good CPU that sounds like it's way overkill for an old system you can really push the Frame Delay to pretty high levels. Combine this with other settings in Retroarch such as Hard GPU Sync On and Hard GPU Sync Frames set to 0 on an actual PC monitor you can get results that are substantially lower than what you get with a TV and lower end CPU. What Frame Delay does is it delays when the emulator polls for controller input to the last possible millisecond before it outputs the image to the display. The higher you can set Frame Delay to the longer it will wait (0-15 ms), of course though the higher you set it the more powerful the CPU you will need to drive the emulator without framerate and audio problems. More CPU intensive emulators will also drive up the CPU power required for high Frame Delay settings. For example Snes9x will allow for much higher settings than Higan will depending on your CPU.
Frame Delay also assumes you are using the V-Sync on setting which itself adds 1 frame of input lag, you can simply turn off V-Sync but then you will experience screen tearing on a 60 hz display. One way around this and isn't cheap is to use a G-Sync (or Freesync) display. G-Sync is also amazing for Mame setups because you don't have to choose between V-Sync On for no screen tearing or V-Sync Off to have games run at their proper speed.
My personal gaming setup is a fairly respectable gaming PC, AMD FX 8350 CPU, GTX 970 graphics card (irrelevant to this discussion) and a G-Sync monitor and a wired Hori Fight Commander game pad. And like I said previously I can move back and forth from my real hardware on a CRT to my PC and I cannot feel any differences in gameplay. But if I try and play on my TV where I have an old toaster of a PC setup for some basic emulation the difference is night and day. Trying to play a fighting game on the TV setup is awful but loading up something like say Street Fighter 3 in Mame on my good gaming PC is smooth and tight.
I cannot test Mike Tyson myself because I was never good at the game to begin with but I know it is the ultimate test game but I would love to see someone who is good at the game test it out on my setup. I have run the 240p test suite roms manual lag test though and I consistently score less than 1 frame of input lag.