An emulator is the perfect tool for a private server, especially for silkroad. For flexibility's sake, it's the perfect choice. However developing an emulator is a really long and difficult task, and while there are only a handful of people in the sro scene who can do it, it is kind of an impossible task at the moment.
There have been quite advanced emulators in the past (eg. Grindroad, Zelos, etc...) but all projects have failed, for obvious reasons. While now it may be the perfect time to run an emulator, it would take months before one would be finished to a state comparable to the current server files, and who knows, maybe by then the complete ksro source is released making an emulator useless. To put it simply, it is a really risky gamble.
If you can find enough manpower (especially skilled) to handle a task like this, which is going to be very, very, very hard in this section, we can discuss this subject further.
For now, the emulators will stay to the current public level of SSE and pax' other stuff, which, albeit working, is not -very- good (no offense). And a private level of zelos, which has been put into the fridge for a couple of months now and was dropped by the entire team. Maybe one day we will have a decent emulator...