From Zophar's Domain comes news that yes, a System 32 emulator is being built-- and progressing too! I repeat from Zophar's news page:
"17:08: Well, the Impact site is back up wityh news of a Linux port of Impact and Modeler. As far as Modeler goes, it was updated to version 0.0.5. Here's what's new and changed: New in this release is preliminary Sega Model 1 emulation with support for Virtua Fighter, Virtua Racing and Star Wars but none of them are playable yet since the 3d graphics isn't emulated. Screenshots are available in the modeler section. Note: The System 32 emulation is disabled in this release. Please read the requests listed at the end of textfile included and see if you can help. You can download both the new vesrsion of Modeler and the old System 32 version of it from the Multiple Arcade Emulators section. Thanks to bwb for the awesome news."
What does this mean? Well, obviously one is progressing, but the folks working on it need help! If you think you can give some help, please check out the Modeler Website and see what you can do!
Source: Zophar's Domain