You can by changing the recompiler. Unfortunately if you plan on going competitive you wouldn't be able to submit runs that are within 10% of the current world record as it's a game wide rule. As of right now, an emulator run wouldn't be accepted if it was anything under about 9 minutes (actual time can be confirmed by moderators). You could definitely learn how it works with some hands on experience and then see from there if you want to push the leaderboards with official hardware.
Some applications of SRM are possible for sure. I am not able to confirm if everything that has been found so far can be done on emu but I'm sure someone on the community discord server will be able to answer.
Recently, many longer runs submitted as Twitch highlights have had parts of their audio muted due to Twitch's automatic copyright detection, the most frequent case being long sections of Lost Woods music. Some vods will even give a network error at these parts which can cause several minutes of foot
