I'd like to confirm that this works with the Ymir and SSF emulators. For it to properly work on Ymir, however, you need to use binmerge to generate a single BIN/CUE file, and audio tracks don't really work properly (i.e. once the music track for a certain stage/passage ends, it'll automatically play the next track until it's finished, after which it returns to the original track, and so on). Also, the audio tracks don't play on SSF at all.
Once I defeated the first level's boss on Mednafen, all I got is just a blank screen, and not even a Now Loading screen at all.