Assuming it's not possible to emulate the SNES lockout chip with some sort of firmware (why would it be?), what about this crazy idea - would it be possible for one to wire up a real SNES lockout chip for the necessary region from a dead SNES to the respective pins on the cartridge slot so that it will talk to the chip on the game? Or is this completely impractical/impossible?
Thinking about it, I'm guessing you'd have to give it a clock, and also come up with a way to reset it with exactly the right timing... that could prove difficult. But would it be possible, in your expert opinion?