Absolutely, as long as you can find carts for it for pretty cheap, or some decent ones come with it..
Alternatively, I messed with a GP32 the other day and it had an awesome Lynx emulator.. looked flawless to me.
Warbirds, Todd's adv. in slime world, Klax, California games, there's some good stuff for it. Retro, but hey, whaddya expect.