As for cheats, I don't believe there is cheat support. I am not 100% positive since I have never tried using cheats.
For CRT, yes I believe 240p is supported.
If you could test both and post your results, that would be useful information for future reference.
I know there are at least a few CRT users on this thread, hopefully they can give you a more direct (better) answer than I can since I use flat screen with bezels. I do own 2 crt tv but have never got around to hooking them up for these distributions.
