http://n0p.averest-k.ru/
The latest build of GenesisPlus works like a charm on my X50V with WM2003SE on it.
I set the .cfg files to 22050Khz instead of the stock 8000khz and turned on the Gapi Tweek, and have it set to 2 frameskip. (change the sound in the config file the emulator builds in the same dirrectory as the game rom.)
Its fully playable and looks great playing Sonic & Knuckles.
There is a bug i think related to the gapi tweek (I use version 1.11) It will work great only 3 times restarting the Emulator. then on the 4th it will fade to a white screen. Kinda odd but a soft reset fixes it.
Also make sure you have plenty of ram free or it will throw a error message at you. (also make sure and wisbar desktop is off. It seams to have a problem runing it and the gapi tweek.
Anyway thats all i can think of reporting. Try it out!
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I was born to be wild, but the cage was too small.

X50v WM5 Unofficial A03 (WM5 AUK 3.5.2)
PPC6700 WM5 AUK 3.5.2