The arcade version (+ Pro Monaco GP) is one of those where it can't get emulated yet as it uses discrete hardware, probably the last big game that used it that's not for sound... Yet does use ROMs. It'll take a very long time and fairly high system requirements if it ever works on MAME, you could count with your hand how many people know the skills to simulate the components. I think ROM ripping is possible but you'll have no direct reference and no screenshot too (like when I ripped Counter Run, had to use a bootleg for the screenshot due to unemulated protection). The sprite ROMs are crammed in making it hard to rip.

Best bet for the arcade version is the port on Sega Memorial Collection Vol. 2 on the Saturn, Sega themselves reprogrammed the game but uses the original ROMs. There doesn't seem any info online how they did it. There's also a built in sprite viewer too.

thought maybe this was the arcade version at first but would that even be possible?