Obviously the devs doing said big hack job are not going to focus on homebrew, or indeed non supported games, which means final results are wanting there. However you will probably be very disappointed - most of the original xbox emulator on the 360 was a big hack job on the part of Microsoft to support specific games* and patch out bugs with those to make them work better on the 360. You will need a JTAG/RGH machine AND you need to install the hacked version of the xbox emulator - it is kind of a separate setup within the 360 that is not bothered by the JTAG/RGH tweaks of the 360 kernel/dashboard. Going to have to go with the 'yes but' answer.
