Why emulate when you have a real one! I have a VT100 in the attic of my lab.
I think Hyperterminal has this mode as one of the options.
How much of the VT100 do you need to emulate? They had on board memory and had printer options.
The protocol was not anything earth shaking, just used X-on/X-off hand shaking. Otherwise what was sent is what you saw.
Ben