Actually, sega Titan/STV arcade games have already been emulated. Mame runs some STV/Titan games. NebulaM2(a released model 2 emulator), runs several Model 2 games in it's early state. Satourne, a sega saturn emulator, also emulates Titan/STV games. Model 1 games have been emulated with the Model 1 emulator, Modular. Albeit most of these emus still have bugs to work out with most games, the games are running. And most of the games are very playable.
Actually, it's called Modeler. And it only emulates the 2D graphics of the Model 1 hardware (like backgrounds and such), not the 3D graphics. This is due to the fact that the TGP chip that handles the 3D graphics on the Model 1 hardware has no public documentation available, and it is an extremely difficult chip to understand.
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