If speculation is true, about chankast only supporting NT based cd-rom drivers, it shouldn't be that hard work to get it to run with win 9x via using aspi etc.
but, i don't think that is the problem, i have even heard of problems in win 2000, which works very similar to xp, so in my opinion, 9x compatability may be hard work
If your system meets the requirements of the emulator, you should have no problem running xp