Yes it is possible by using a PS2/PS1 to PS3 adapter such as Etokki Inpin adapters (out of stock, but other adapters might work too), and a powered USB hub (Vita TV doesn't have enough power for most adapters). Those adapters allow you to connect a PS1 or PS2 arcade stick to the Vita TV. I used it with my PS1 Arcade sticks ans posted about this here on Reddit:
https://www.reddit.com/r/vitahacks/comm ... h=bd5b6e9a
I hooked up two Arcade sticks like that with zero Lag.
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