The CPU is a great choice for Dolphin. It's what I have, and I haven't had problems with a CPU bound game yet.
You may want to look into getting a dedicated gaming laptop. The y510p has the CPU and GPU on the same heatsink, so if one gets too hot it can throttle the other. That won't happen on a gaming laptop with separate heatsinks (also there's a lot of extra bezel around the screen that distracts from using the computer. My friend has one, and we both don't like it). They will cost a bit more, but (at least for me), the cost is justified by having a stronger gaming laptop.
Look into Sager laptops. They're good looking and moderately priced for a gaming laptop.
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You may want to look into getting a dedicated gaming laptop. The y510p has the CPU and GPU on the same heatsink, so if one gets too hot it can throttle the other. That won't happen on a gaming laptop with separate heatsinks (also there's a lot of extra bezel around the screen that distracts from using the computer. My friend has one, and we both don't like it). They will cost a bit more, but (at least for me), the cost is justified by having a stronger gaming laptop.
Look into Sager laptops. They're good looking and moderately priced for a gaming laptop.

