As far as I see, VICE (GtkVICE 3.6.1) already emulates something like that, it would be good to know from a VICE developer if that is the same thing we are talking about here
First, use a recent VICE, not the one from last year. In recent VICE the colors used are from new measurements (made by Tobias) that accurately represent the differences between odd and even lines, and the differences between old/new VIC. Do NOT use any external palettes - because then those things are plain wrong. Do NOT disable double size, because then some aspects of the CRT emulation do not work right. Basically leave everything at their default settings. Preferably use the latest development build from https://github.com/VICE-Team/svn-mirror/releases - then you will also get the recently fixed default for gamma correction (which was not neutral before).
And if the colors are too vibrant for your taste, dial down brightness/saturation/contrast all to 100%.
Now for what it emulates and how good: - The vertical color mixing ("PAL" mixing) is very accurate and reproduces all known side effects. That includes "hannover bars", and the differences between monitors that use a delay line only for one color component ("u only delayline" setting). The later is the case for example in the 1084 monitor. As said above, you must NOT use any external palette (or disable double size), or those things will not work right. - The horizontal color mixing ("color bleeding") is not emulated well, it is basically just some blur. In particular non linear effects like "black bleed" is not reproduced at all, nor is chroma/luma crosstalk (the famous green/red pattern you can see when doing a checkerboard pattern in hires). I believe the current state is closest to what a C64C (new VIC) produces when the modulator has been removed, and the s-video signal is used.
For example the light red / dark green mix on the neck of the frog looks quite similar both in VICE and on YouTube. But on YouTube the odd/even lines do not look different color at all, while VICE emulates the cheap PAL chroma phase mirroring effect. How can it be? The other difference is that there is some color mixing on YouTube, but it is much less than in VICE. Which one is real?
I am interested in these details because I would like to create some cool effects in my next demo, but it would be kinda pointless if none of the compos would support the real C64 output... :)
On my setup (new C64/1701 monitor) eg the odd/even lines difference is even more visible than in default VICE settings, eg in solid violet areas.