I reckon it depends very much on the game in question. As you may know, several Satellaview games have already been translated, others aren't even emulated at all, and some aren't particularly distinguishable from ordinary releases. What game are you looking at?
I have the vague impression that the Satellaview enables an address range that is normally not available to SNES software, and whether or not a game makes heavy use of that range makes a big difference in how well it will run (as does how gracefully the emulator will accept the use of that range). But I'm just frantically waving my arms here.
Regardless, BSNES has the best Satellaview emulation at this point, and there is a debug version of BSNES
available, so I guess it can be done?
KiddoCabbusses is one of the authorities on these things; perhaps he shall be along.