Originally Posted by bippym
They will work as though they're registered at a guess!
To test, installed the WHDLoad of Grand Monster Slam 1 Disk Version (which needs a registered WHDLoad) in Winuae and if I remove my key the slave says 'not registered' and quits after the title screen as mentioned in the readme.txt, this is with 18.1. Put the key back and it plays fine.
Installed 18.2 and removed my key and GMS runs just like registered version