I was able to successfully run everest while emulating a lower cpu model. In this example it was a Pentium2 that got emulated on a Athlon XP. I tested this on Windows XP.
But when I commanded it to emulate a higher model, one that does support the SSE2 command, the whole system crashed.
I'm not yet sure if this is because of the complexity of Everest, or just because this kind of translation is not possible... Still I find this package very interesting regarding code development and maybe even to integrate it into ReactOS in the future as I envisioned it in the upper post.
The whole package can be used free of charge and the Code is available under BSD licence.
It could be nice to make a bug report on Jira with a debug log if the app you tried made ReactOS to crash (and obviously doesn't crash Windows XP/Win2003).