I decided to dig out a random build of the game (one that's about 7-8 months old! Woops!) Gave it a spin in WiiSX (beta 1), the PlayStation emulator for the Wii. (I'll redo this whenever a new build comes my way)
Interestingly enough, besides the uncomfyness of the button layout (Hope they add a config for the emu later~) and the lack of a SELECT button (no skits for you!), this game was pretty much entirely playable in "Dynarec" mode.
Of course, they'll have to get an FPS limiter implemented or something. The game was mostly running at 65~80 FPS (half in interpreter). The speech in general didn't work (opening battle, voiced dialog scenes, skill names, etc.), FMVs had wonky coloring issues and there were some massive slowdown during battle fade-in, but besides that... I'd say it was the start of something that was certainly playable!
But, yeah, if they had an FPS limiter, the ability to remap buttons (or at least put SELECT on Z or something), then this might most certainly become an ideal way to play Tales of Phantasia on the big screen if you don't have a PlayStation console all ready and set up to play things

(NOTE: I was even playing with my hot HORI DIGITAL PAD, the SNES pad "clone", which unfortunately has Y mapped on SELECT, iirc. Maybe that could mysteriously be changed to Z... I dunno, but that'd make things perfect! Anyway, is it possible that the emu could get Wii Classic Controller support? That'd be hot! If I ever get one of those Retro USB adapters, I'll try with a real SNES controller with this! MMMmmm... SNES pad

)
But, yeah, there you have the answer to whether or not this works in WiiSX before you even got around to ask that question! Isn't that awesome?