What is it about emulating the Vectrex that's important?
If you want to make use of all the existing software then I'm with gotal; consider multiple units. You might be able to hack the original code to farm out the draw-lists to each laser, to ensure a constant time per frame.
If you just want to demo a game (or two) with your lasers, then it'll be better to just keep writing them from scratch, keeping within the limits of the hardware.
If it's something else, then let us know more!