My purpose in creating this thread is to help report which homebrews work, kinda work and just down right fail on R148 of VHBL (thanks Wololo / thecobra). I'm going to start with what I've personally gotten to work and *fingers crossed* other people will post what they've got working.
SMSPPSP: I found this runs both SEGA Master System games and SEGA Game Gear Games with 29 to 30 fps and the sound is not horrible, I would say everything you throw at this will be very playable.
The Kinda Works
PicoDrive Vir 151: I got this to load SEGA Genesis Games without any crashes, The sound is horrible so play muted. I have not yet tried to load up any SEGA CD Game with it yet.
neither of those 2 were working for me at all, they crash VHBL instantly when you try to load them.
I hope this helps people out, feel free to post what you have gotten to work so that others may benefit!