it could be worth a try what do you have to lose
i have used it to run arm binaries on my pc before, however the feature you want is the ability to emulate a whole system, which IS working (i386 emulation is working)
what the site says is ARM emulation isnt working, they didnt mention any problem compiling the code for running on ARM processors so you should be in the clear
now you have tempted me, i might give it a try as well