Well, to my knowledge, Rlyeh was never working on a Wonder Swan emulator. Perhaps I am wrong, but I don't think so.
Since this is the GP32 forum, I'll assume your refering to the WS emulator for that system, in which the only one available is Rattboi's emulator. Unfortunately it's very slow... however I've only played the translated Final Fantasy's on it. The emulator doesn't have any sound, and is still slow at 166/FS2. I think it has been about 8 months or so since there was a new version release, and to make it full speed w/ sound would be an impressive feat... besides... how many games are there worth playing on the WS?
Reaper