@mantisspider:
no, you would still need some kind of OpenGL wrapper for that mac emu (well, if the game isn't 3D or has software rendering it may work).
And about cpu speeds remember that Cyberstorm/Blizzards lack L2 cache.
@Karlos:
I think that an Emu would be easier because you don't have to keep your API wrapper version updated and emus already has been done various times (Sheepshaver, MOL in ppc... and Basilisk/Fusion/Shapeshifter in 68k) so the methods required to create them are well known.
Replicating the MacOS API would be more difficult because OS4 would need to be able to simulate every call and there are things that may not exist in OS4 yet. Anyway if that was done it would be great :-)