Playable color games :

Digimon Adventure 2
Digimon Tamers
Dokodemo Hamster 3
Flash Koibito Kun
Gunpey EX
Hunter X Hunter
Memories Off Festa
Mobile Suit Gundam Volume 1 Side 7
Mr. Driller
SD Gundam Eiyuuden  Kishi Densetsu
SD Gundam Eiyuuden  Musha Densetsu
Senkai Houshin 2
Soroban Gu
Terrors 2
Ultraman
Wild Card

Almost playable color games :

Dark Eyes Battle Gate  [A bit too fast]
Guilty Gear Petit [Slowdowns (try to uncheck 'synchronzie' in Video Menu)] 
Mobile Suit Gundam Volume 2
SD Gundam G Generation Gather Beat [Gfx glitches]
Space Battleship Yamato [Gfx Glitches]
Wonder Classic [Gfx glitches]


Not playable color games:

Blue Wing Blitz
Final Fantasy 1
Final Fantasy 2
Hataraku Chocobo
Holmes Ghost Panic
Kurupara
Rhyme Rider Kerorican
Wizardry