It would seem silly to have a separate emulator per game. Per console makes sense, but there isn't a reason why they couldn't bundle them all together and have a VC Channel, rather than a channel per game.
And if there are issues with the games themselves, I wonder why they haven't just made a branch of one of the many open-source emulators for their games. They wouldn't be allowed to sell the emulators (and nor should they), but charge per rom sold.
Home-brewers have been at the VC game for decades, and Nintendo really need to catch up.