Well, if you could get EmuTOS running in an Amiga, I don't know why you couldn't run Magic on top of that. If I recall correctly you could basically run Magic one of three ways, replace the ROM in the system, load the MAGIC.RAM, or just run it with single-tasking TOS.
Granted the first two options are probably the better ones. I would think once you have EmuTOS loaded, you should in theory be able to run any TOS/GEM level software you wanted.
From the Aranym site;
"On the top of TOS 4.04 or EmuTOS you can boot into MagiC or FreeMiNT, ARAnyM support for MagiC is unoficial, though (but its latest version 6.20 does work in recent ARAnyM pretty well)."