Indeed everything looks fine in their cheat engine.
However, as it is different from the AR one, the Execute custom asm routine hack doesn't work on it.
So I made a hack to enable the execution of custom ASM routines for M3Real users.
Enable custom asm routine for M3Real
E23FDFDC 00000024
E08AA009 E35A0000
1A0000AB E1A0A00E
E28FE000 E12FFF1C
E1A0E00A E31E0402
EA00009E 00000000
023FE294 EAFFFF50
With this hack, both the normal E code type and the custom asm routine code type are working. That means you just need to put this hack once at the start of a game list.
You'll also need to remove the "023FE074 012FFF11" and the "023FE074 E3520003" which are at the start and the end of the AR custom asm routine hacks.
Be aware that there seem to be a little delay between the time the game is started and the time the hack is applied to the cheat engine (on SM64, it starts working like 10 seconds after the game has booted up ; not sure about other games). So you might want to wait some seconds before loading your save, just in case a custom asm routine hack needs to be enabled right when the actual gameplay starts.
Also, with this hack, the custom asm routine execution will only occur if the E code type starts with E0000000, and if the offset is set to 0. In case the offset is not zeroed, put a D3000000 00000000 code just before the E0000000 code type.
Finally, it is possible that some AR custom routines rely on the AR code engine registers (or the AR code engine itself). That will naturaly cause a mess with the M3Real. But I doubt a lot of these cases (if any) actually exist. A problem will also happen if some game overwrites the 0x023FDFDC~0x023FE000 area (however, if the M3Real team chooses to add this "hack" in the official code engine, that problem will be gone).
Fyi, I tested some custom hack I made, and the backlight code (DS Lite), and everything went fine.