CRITICAL GND CONFLICT OCCURS WHEN A PRACTICE EMER LNDG HOMEBUILT CUTS OUT A LNDG TAYLORCRAFT ON FINAL AT 1SO; WA.

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JUST PRIOR TO PWR REDUCTION; I CHKED THE PATTERN AHEAD OF US AND TO OUR L (AS MUCH AS I COULD SEE FROM THE R SEAT) AND DID NOT SEE ANY TFC. THIS CONFIRMED THE NOTION DERIVED FROM THE FACT THAT WE HAD HEARD NOBODY ON THE RADIO. ON THIS SECOND APCH; THE PLT HAD BETTER ALT MARGINS; AND WE DISCUSSED THE POSSIBILITY OF 'SQUARING OFF' THE TURN TO FINAL OR SLIPPING OR S-TURNS ON FINAL TO LOSE ALT. WE ALSO DISCUSSED OTHER DRAG MEASURES; AND THE PLT EXTENDED THE GEAR AND FLAPS AT A COMFORTABLE ALT -- WHICH I AGREED DEMONSTRATED GOOD JUDGEMENT. HE ALSO USED A SLIGHT SIDESLIP ON VERY SHORT FINAL. TOUCHDOWN WAS UNEVENTFUL ON THE RWY WITH PLENTY OF ROOM TO STOP. WE ROLLED COMFORTABLY TO THE END. APCHING THE TURNOFF AT THE END; A TAIL DRAGGER PASSED JUST ABOVE AND TO OUR R. THE PF IDENTED IT AS A TAYLORCRAFT. WE QUESTIONED EACH OTHER ABOUT WHERE THIS ACFT COULD HAVE COME FROM; AS NEITHER OF US HAD SEEN IT; NOR HEARD ANYONE ON THE RADIO; AND WE HAD BEEN TAKING CARE TO LOOK. AFTER PASSING US; THE ACFT FLEW A SHORT XWIND; A VERY CLOSE IN DOWNWIND AT WHAT LOOKED LIKE A VERY LOW ALT; AND LANDED BEFORE WE HAD TAXIED 2/3 DOWN THE RWY. AS NEITHER OF US SAW THE OTHER ACFT UNTIL IT PASSED OVERHEAD; THIS MAY HAVE BEEN A CLASSIC LOW WING; HIGH-WING SCENARIO. OUR ACFT WAS LOW-WING; AT LOW SPD; IN A NOSE-HIGH ATTITUDE AND WITH A STEEP; CONTINUOUSLY TURNING DSCNT PATH. EVEN THOUGH WE WERE ACTIVELY LOOKING; WE SIMPLY DID NOT SEE THE OTHER ACFT. IT IS POSSIBLE THAT OUR LIMITED DOWNWIND VISIBILITY COMBINED WITH A STEEP DSCNT PATH COULD HAVE SET UP A CONFLICT SIT AT THE APCH END OF THE RWY. WE NEED TO BE EXTRA VIGILANT AT UNCTLED FIELDS FOR NORDO ACFT. IN THE FUTURE; I WILL CONSIDER INTERRUPTING THE MANEUVER TO GET ONE MORE GOOD LOOK AT THE APCH PATH TO ENSURE IT IS CLR. SUPPLEMENTAL INFO FROM ACN 594840: JUST PRIOR TO TURNING OFF AT THE END OF THE ACTIVE RWY I SAW A TAYLORCRAFT FLY OVER US AT LOWER THAN PATTERN ALT (MAYBE 400 FT). I DIDN'T SEE HIM AT ANY TIME; ON DOWNWIND; BASE OR FINAL. I DIDN'T HEAR HIM MAKE ANY RADIO CALLS AT ANY TIME. SINCE I WAS FLYING AT 90 MPH AND HE WAS PROBABLY 65 MPH I MUST HAVE BEEN WELL AHEAD OF HIM. I QUESTIONED THE BFR PLT ABOUT THE TAYLORCRAFT SINCE NEITHER OF US HEARD OR SAW HIM UNTIL THEN. I DON'T KNOW WHERE HE CAME FROM. MY DSCNT ANGLE WAS STEEPER THAN NORMAL; BUT NOT EXCESSIVELY DIFFERENT THAN USUAL. SOMEONE IN A PICKUP TRUCK WAS DRIVING VERY FAST ON THE TXWY NEXT TO THE HANGARS; SO WE WERE CONCERNED THAT I EITHER SCARED HIM WITH THE EMER LNDG APCH OR WE MAY HAVE BEEN CLOSE TO THE TAYLORCRAFT; BUT HE WOULDN'T TALK TO US.