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> Game hackers have folklore-esque beliefs about the legality of things like this that aren't true

as long as no one is trying to make money / sell ads / patreon lock the results, they should be fine; it's probably difficult for lawyers to claim monetary damages if no one is making money

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That sounds like one such folklore-esque belief. At least, it's something you tend to hear before a project is taken down.

> it's something you tend to hear before a project is taken down

the projects i've seen taken down seem to consistently have some sort of financial component, though sometimes it's been because the company that owns the copyright is about to release a remake themselves

Couldn't you argue that a free emulated version of a game replaces a paid license?

Not that I agree, I like software preservation, but just thinking about how lawyers would go about this.

> just thinking about how lawyers would go about this

don't do their job for them for free :)

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