Will it beable to load the files needed...probably.
will it beable to run the game...if it can load the files yes.
will it be playable at a desent frame rate... we'll have to wait and see.
so it will most likely "work" but won't work well.
Anything on a CPS1/CPS2/NeoGeo board would be better off running off a emulator that is targets those boards. Anyone with a modded Xbox would be using Final Burn XXX/Alpha over a Mame variant for the same type of games becuase it runs and loads much faster as it is a leaner and more optimised
Only the early Mame releases would be good to port as the later ones become more bloated as they try to emulate more boards and therefore will run slower generally.
But yes, SFA3 would rock on the GP2X. Although there was a release of SFA2 on the famicom to play on while we wait