I remember many moons ago, first time i installed PowerUp, i inmediately changed and installed WarpUp with PowerUp emulation...i wanted to try Wipeout2097 so so badly...never ever got trough main screen tough.
While WO2097 actually did run on my old PowerUp setup (do you have the latest CGX for 68k?) it never was fast enough. Only when I switched to MorphOS on that maschine it finally ran conveniently fast without major problems (requires a special loader though). Played it later on on my Pegasos quite a lot, should dig out te CD and install it on my Mac mini...