I just fixed the soft reset bugs.

Ask panjak/herr-jak/Umbrella Warriors dev about the noise. He managed to mostly fix it when I was helping him debug Mega Q*bert on real hardware.
The slow motion function just causes it to press pause every frame until you tell it to stop, and since pause resets to the title screen, I'm guessing it's an issue in sprite loading.
Forgot to mention, there's no 6-button support obviously, but holding MODE during boot doesn't remap the x y or z to the other buttons, like what it's suppose to do for games that specifically don't support it.

If you need any more help with real hardware feel free to contact me outside of the demo days.

Thanks for the feedback Sinoc. I didn't implement collision for shooting the bubbles yet because it didn't work properly.

The random noise is probably a hardware specific bug.
I'm not sure why soft reset skips the title screen reset from gameplay or why the soaker disappears from title screen reset.
The frame is reset to get out of the jump frame.
Water rectangle getting stuck in the rock might be a hardware bug.
Controller test has a known bug in that the test graphics randomly don't appear. Its one of the things I broke when fixing the controller test screen for real hardware.
Slow motion function is outside the scope of the game (I didn't know about it). I'm curious why that happens though.
Preloading / afterimages are my known bugs I'm looking into fixing. I put in fades and the menu text disappears. Its been tricky for me to find a fix.

Oh boy, Scrolling! And bubbles that refuse to pop! Still didn't play it on an emulator, but here's some problems on a real Genesis.

Random noise during transitions, fades and switching from TMSS to Sega logo
On soft reset, the game skips past the title screen and goes strait to gameplay
If you jump while holding diagonal forward, when you land aim will be rest to just forward
Sometimes the water rectangle gets stuck in the rock until you scroll it off the screen
If you enter the sound test then enter the controller test, the controller test prompts don't appear
Using the slow motion function on official 6 button controllers eventually cause the sprites to scramble
Upon entering the game, the pallate is black and white for a second before correcting it's self