The indieGO! was almost exactly the same thing and it failed to catch on for one reason :
it requires BIOS files for it to even work properly.
For PS1, there are options to go around that (via HLE emulation) but for other consoles like the Sega CD or the Turbografx CD, they are no other options.
They would have to either provide the BIOSes, which would be illegal, or ask the users to put their dumped BIOS somewhere on their consoles, which is a huge inconvenience and go exactly the very goal of the project.
They make it seem like all you can do is pop in your CD and play without any additional steps,
which is a huge lie.
Yet despite all this, they had the guts to patent other people's emulators !
Unfortunately, it's something i see too often in most Kickstarter retro consoles projects...