I would expect that the XD5510 emulator supports the C5504, however the strongest evidence I can find is that a link to a 5510 emulator page exists on the C5504 product page: http://www.ti.com/product/tms320c5504,
and on the emulator page, there is a sentence "Supports TI DSP, application processors, and microcontrollers (except MSP430™) with JTAG interface."
Does it in fact?
I suppose I'd feel more confident if the emulator page said "Supports all TI DSP, application processors, and microcontrollers with a JTAG interface (except MSP430™)".