The Emulator itself yes, if it's written by you, or you have the rights to it, The BIN that makes it Operate, NO. That's copywrited code and would land you in serious heat....
It's against their ToS to even sell virtual goods. Than you have the breaking their ToS for using Trademarks. But yes the program itself isn't allowed to be sold on Ebay.
Who knows, they like to make the rules as they go. Basically something of the same quality of products in a store is what they led me to believe. I'm sure you could still get away with it for a while but just be careful if you plan to do it on your main personal eBay account.
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