Unlikely. Amiga is quite hard to emulate, the A500 emulation does not even run that good on the GP2X, and the 1200 is much more powerfull than the 500.
UAE succesfully emulates A1200, but I thinks it needs a decent PC to run fullspeed.
Obviously, I am talking about _real_ CD32/A1200 games. For the CD32 games that are A500 games with some CD music or video intro, it could work, but I am not sure anybody could be interested in that.