Dolphin is your best bet. I've been playing Brawl on it with a mate the past few days. It's flawless online but requires a really beefy connection. Unlike Project64, which allows the game to desynchronize, Dolphin slows the speed of the game (and thus the framerate) when there's a lot of stuff on-screen. We haven't had a desync even once, even with items enabled and also played through the Subspace Emissary in co-op. You can also patch it with ProjectM.
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