Even were the PS1 hardware capable of running LFS, it would need to be re-compiled, which would require access to the source. Anyone with access to the source would surely do something useful than getting it to run on such old hardware.
Allthough it is impressive, we don't know if the fix would cause havoc, for example because it needs so much CPU power that LfS could only handle one barrier, or that it would make online racing lag like hell...