More than 32 colours will always limit the speed; AGA doesn't have a faster blitter! Which is a bit of a disappointment perhaps.
Mr Beanbag's foreground graphics are 16 colours, which is, believe it or not, the AGA limit for Dual Playfield mode, which is what it uses to get the parallax scrolling effect (max. 8 bitplanes total, 4 for each playfield). It should be possible to make it work on OCS without the parallax, otherwise you're limited to 8 colours on each. The other main limitation is OCS/ECS doesn't do 32-pixel wide sprites, but that's only really necessary because the Stats panel at the top is implemented as hardware sprites (of which you only get 7 if you start the display fetch 16 pixels earlier to allow full screen scrolling - notice in Turrican there's a 16-pixel wide blank strip down the left-hand side, so as not to lose the 8th sprite!) I'd probably just go for a traditional stats bar above or below the playing area instead.
I could make it so you could switch on AGA features as an option, so you could make OCS or AGA games for it. Although I've no idea how fast it runs on an A500. Also I don't think it would work in only 512k at the moment.
A game like Alex Kidd shouldn't be beyond it though. I'll try to make it as flexible as possible, but there will always be limits to this sort of thing.