Nice to see you are still around
It might work, but it surely will be sluggish as hell, no matter how fast your mac is (it's a 500Mhz G3, innit? perhaps it might run on a dual 800 G4). Besides, think of the unreliability of running an emulator inside an emulator....
Why don't you try running your Amiga games using Fellow under DOS? Thsi will be much better for VirtualPC! I bet you can run them at full framerate and all... Fellow DOS is a great emulator in my opinion. (my favorite in my setup