Do some tests.
Windows 7 x64 - works fine.
Enigma - works, text and videos not renders (text is invinsible, video is black screen during playback).
Nirgends - works, runs in window even with fullscreen=1, video shows, text and UI not renders (invisible).
Revolte - works, some graphical glitches probably.
MoonRacer - works, graphical bugs.
PureVex - works.
3D Shooting Maker - menus only, need 256 colors and some D3D\DirectX3 functions for windows work probably.
Resident Evil\Biohazard - works, runs in window even with fullscreen=1, movies shows, menu and game runs completely at black screen.
Virtual-On - Crash: "Error! Can not set display mode both of 640x40x16 320x240x16. Exit game."
A-Train 5 - ddraw.dll crash.

Hope for alternative version which work native in Windows 9x.

As I posted on other PowerVR wrapper thread:

Here's some video captured via AVIO HD from my Matrox M3D. I've captured at 1440p and kept all the pixels clearly visible.

Ultim@te Race 1 track: https://youtu.be/vGubgt03G-Y

Ultim@te Race 3 track (the track that isn't part of UR 1 track): https://youtu.be/jS-jKlilLJA

Hope this helps. Headlights ARE glitchy usually!