It seems that MAME is very next to begin running Model 3 games. IIRC there was another project, which System16 hosted but they never released a public version. The status is very preliminar but well...Perhaps some day Isamu will be happy playing Scud Race/Daytona 2 without spending the money that would be required for an arcade cabinet.
http://www.mameworld.net/vlinde/
http://www.mameworld.net/vlinde/