I talk about this briefly in my infeasible section. But I'm mostly referring to myself there: I just don't have the skill and the time to write my own real-time OS for this.
However, I do hope that one day we see a serious project that isn't just "lightweight Linux" (eg Lakka, etc) or something running on top of DOS.
I presume that 98% of emulator users aren't going to be willing to boot into an "emulator OS" just to play games; so it's going to be a lot of work for a little gain.
In that vein, the ultimate latency reduction would be an entire FPGA emulator, like kevtris' FPGA NES (http://kevtris.org/Projects/console/video/page1.html), but now you're approaching extreme effort for a userbase of maybe ten people :/