The close you could get to emulating super gameboy i found was installing the PSP emulator PPSSPP on android, then downloading the homebrew Masterboy 2.10 which play Sega master system/gamegear and Gameboy color roms. But there is a option to use super gameboy as color pallet.
Of course i don't think there is a banner function to go with it nor there is multiplayer support. But if your game supports GBC pallets, is probably better to use and also may break some games, i notice that wario land 2 won't work if you first play on GBC or SGB and then switch to another, it says you must delete save data to make it work, but that about it.