Check it out:
http://www.pocketgamer.org/homeindex.php
I tried it on my 300 axim, and it seems to run fast. However, I had difficulty configuring the a,b,start,and select keys. Anyone want to test this out?
You need to scroll down to see it.
Also, here is a direct link to the program (the developper is japanese, and the site is hard to navigate):
http://imasy.or.jp/~ngs/emu/arc/VBAdvanceCE_008b.zip