For console output, just log characters written to KPUTCHAR: 1000F180h
On the IOP, you can, at least initially, ignore load delay slots (but of course not branch delay slots). Also the EE doesn't have load delay slots.
You can start with either EE or IOP but you'll need both fairly soon. EE is more interesting but you have to do the IOP too. If you have a PSX emulator, that's a big boost, just grab its core, and add the things it's missing.
The BIOS, during bootup, will write to or read from all kinds of wacky addresses outside the documented registers. These can generally be ignored.