You will indeed be stuck to the 68020 Version of programms (including CGX) as nearly all 68040/68060 optimised programms asume the presence of an FPU.
Some programms dont` have different Versions, they just detect the CPU und use the fitting optimised code on their own. Those programms are likely to crash.
Sure integeroperations will be fast, but thing like Raytraceing will crawl because of the lack of an FPU.
I wouldn`t put such a card in my mainmachine, as there are too many compatibilityissues, though it might be a nice toy some special programms.
Don`t forget to install the nonFPU-Version of the mpega library.