After the 192kb TOS image that leaves just 64kb for the hard coded emulator. There is a distinct advantage in that if it ever is fully emulated (IIRC needs keyboard and sound emulation and some memory mapping stuff) your program can not crash into the TOS or emulator code.
I don't think 64kb is enough to get it full working much beyond this tech demo. Colour graphics screens require a different address method too than the Amiga 4 bit plane (for 16 colours) method so most emulators stick to mono 640x400 single bit plane as then there is no conversion required before writing to the screen. And emulating the Yamaha chip would take a bit of oomph too but I could live without the sound on most stuff.
Google says it is in the ST4Amiga section of Aminet apparently. Not checked as I have no way to get them onto a real disk for my A1000.
Shame, it's a commendable bit of coding, very clever and all credit to them.