Connect physical Android Wear watch to emulated phone I have found many tutorials that explain how to pair an emulated Android Wear watch to a physical phone. However, I would like to do the opposite. Is it possible to create a Bluetooth connection from the pc to the watch and then tell ADB to make the phone emulator use this connection?
You can't is the short answer. The emulator does not support bluetooth testing at all. 

See the Google Developers post on Using the Emulaor

The important line is near the end:

Emulator Limitations

The functional limitations of the emulator include:


No support for placing or receiving actual phone calls. You can
simulate phone calls (placed and received) through the emulator
console, however.
No support for USB connections
No support for device-attached headphones
No support for determining network connected state
No support for determining battery charge level and AC charging state
No support for determining SD card insert/eject
No support for Bluetooth