So in theory an everdrive should (there was an issue with the pocket and some GB X7 due to a signal spike not present on the original Gameboy hardware). The main issue is that it's a pretty large additional expense if you want a seamless experience (the x5 requires pressing the reset button to save). Say when this comes out it's $350 with tax and shipping, which is pretty generous I think. You now have to spend an additional $200 for the cart to play roms. Now the choices in this price range are:
Analogue: $550
Mister: $615 (price of a fully configured kit with aluminum shell, can be priced cheaper if full diy)
Mars: $699
N64 + HDMI Mod: $620ish (eBay price $120 for a good condition console with expansion and controller, $200 for the mod, another $100 to install it if not diy).
I see this appealing to N64 enthusiasts that don't already have a HDMI mod (current mods aren't cheap and require soldering to install) or people that really want to play their old carts for that nostalgia hit.
Agreed, even with the eventual "jailbreak" it would have to be priced around that. I think it will be more expensive since the N64 core is pretty large and it is supposed to support 4k.