Anything's possible but one of the rule was:
Emulators may be used, but no save states/frame skips/cheats are allowed.
I'm also guessing hacked CD or rom does not count as well? There's a list of cheat on Krikzz forum for hacking ROM and a few CDs such as unlimited lives, invincibility, etc.
If the above did finish Exile 2 without cheating or reusing old save in a short time, then wow!!