Yes, it would... IF there were any NTSC-U lightgun compatible games. Since Sega never released a lightgun in the US, they nixed support for one from all of the games.
However, NTSC-J is fair game and PsyMastr could play the PAL versions too with a boot disk.
If the Lightgun was never released in america, then how the hell does my friend have a lighgun and USA-NTSC games that work with it? Im so confused lol.
I have the US version of HotD, and played it with my Utopia Boot Disc. But when i got my first lightgun, the game wouldn´t recognise it. ("The input device found at port A is not supported in North America...") so i had to get the european version.
So i guess you ´d need a PAL or maybe NTSC - J version to play it. Can´t guarantee anything though.