yes, it's cool and all. very cool.
BUT.. don't get all your hopes up. DOn't go canonizing the guy until you see some complete finished work. Support for the scene and people doing projects is great, but don't lose sight of the fact that this is all freeware, homebrew development stuff.. all these ports and emulator projects and so on.. and as such, only a dedicated few of them ever make them to 100% completion. I don't know much about Iceman or many of his type, so I am not going to say it won't happen (of course!), I am just saying be patient and supportive, and we'll see what happens.
All that aside - metal slug would be amazingly cool on GP32. Bring it on!!!