Emerson doesnt suit la liga, its way too fast for him, hence why he wasnt that good at Real. In Serie A no one can doubt that he was one of the best DM going around. Yes, Capello's serie A style suited him but that meant that he was a good player to have at juve.
Do we need him now? I dont think so, i have faith in Zanetti to hold down the DM role if Ranieri is willing to play Tiago, Almiron and a trio upfront. However, if we play the 4-4-2 with almiron or tiago as his partner, then i think we need an upgrade to Zanetti in that sense, because we'll require him to do more than just break down attacks, he'll need to be more involved in moving forward...
Emerson and Makelele are both great players in their prime, but now it wouldnt make much sense. I would rather develop Nocerino this season where we are not in the CL or Europe in general. In Serie A i think the likes of Nocerino and many other young players can get their chance and we should be able to get away with it.