In that case, yeah, if it is released to the public, just remove the GDrom. You'll still need the rest. Plus I suspect it's just a PC connected direct to the DIMM as certain versions of the DIMM have a LAN connection (or to the motherboard, as some versions have an Ethernet port - although I have yet to see one).
Thanks for the kind words. I still haven't decided on a possible release (also it would need some more work, currently it only works with a special version of the segaboot, and requires some manual timing. Of course, that can be fixed, it's just the matter of finding some time. So yes, you wouldn't need a gdrom anymore. In fact, the reason why I worked on this was because I didn't HAD a working GDROM. So far there aren't many dumps for the games anyway - there are 3 Virtua Striker versions, Gekitou Pro Yakyuu and The Key Of Avalon, but the last one without key. I would LOVE to have a F-Zero or mario kart - but both of them require special hardware, and doesn't seem to had any game updates so far, so it would be pretty hard to acquire them without buying the whole cabinet.