The thing is that emulation tends to be a serial process. For modern consoles, running the system components out of sync is generally more feasible because games are more lenient on timings (and yet, take a look at Dolphin-- there are games that push the GC/Wii a bit and require accurate timings).
I'm no GBA expert so I can't speak for sure, but given the console it is, I think you are more likely to run into games that require tight timing to work correctly. The GBA also has only one processor. Something like audio generation could be run on a separate core, though.
But I know that for example, DeSmuME features things like 'advanced bus-level timing' which, from what I get, emulates ARM9/ARM7 contention over the main RAM. There are actually DS games that require such a level of accuracy, apparently.
Oh well, time will tell how this will turn out. I'm looking forward to it, keep up the good work.