From what I researched and understood, the PICA200 offers OpenGL ES 1.1 API support + optional OpenGL ES 1.1 extension packs + some DMP proprietary extensions. Regarding just OpenGL ES (embedded systems), programmable shaders weren't introduced until 2.0, meaning as far as the API is concerned, we could not develop a GPU-side program to handle the rendering of SNES information on the 3DS. However, information suggests the DMP proprietary extensions have the included programmable shaders that allow various effects like procedural textures, per-vertex subsurface scattering, etc., having up to 4 programmable vertex shaders able to be rearranged to be 4 pixel pipelines for the 3D processing core.
So I guess the question is, are these DMP extensions available and capable of doing what we want? We know Smealum recently got stable GPU rendering working, but that may just be the base of it, and doesn't include the extensions.