If you're making a portable you probably need something to watch it on. (Unless you want to guess what's happening in the game, but I wouldn't advise that) Anyway, this forum is your "Hacking a pocket TV/screen" one-stop solution. Share your experiences and knowledge here.
It should work fine. Luma contains c-sync and brightness information. The PSone LCD has a LM1881 sync separator which will just leave the c-sync. I tried it myself with a N64, worked fine.