If so, can this be repurposed for other z80 based emulators, eg. Amstrad CPC, MSX and even an up to date ZX81?
In some cases, yes. It doesn't support paging however.
Is there any chance of a Sega megadrive emulator for a ct60 falcon? Damn that would be nice
If you go there today there are usually some old guys sitting around 1 bar electric fires saying how good it was in the days of mass software piracy.