I really love reading about the lengths enthusiasts go to when trying to do this kind of thing. For some reason I had assumed that this had been done already since there is already emulation for gameboy color, right? Can someone explain the significance of this development?
The gameboy bios was also "emulated" before, so this makes the emulation more "realistic". It happens the same with the GBA. While you can emulate games for the GBA without the need for a BIOS file, if you have one, they'll run better \ more accurately (or in some cases, they run instead of not running).
The reason computer chips are so small is computers don't eat much.