EDID emulation should turn the monitor into one called "Arcade_15" or whatever preset you used. If it's not doing that, it's not working.
Make sure you get you downloads from Calamity's site, and that you're following the right guide on there too, of course -
http://geedorah.com/eiusdemmodi/forum/viewtopic.php?id=301When you use VMM, the modelines you generate come from a file you can select (the default being user_modes.ini or whatever it is) and are then vetted to see if they fall within the range limits of the monitor preset you select. So if you select the generic_15 preset, a 800x600@60.0000 mode is not going to pass, obviously. but a 320x240@60.0000 mode will, and will end up in the list you're about to install.
The format of the user_modes.ini file is really easy to follow, and you should edit it to only get the modes you need. Mine looks something like the below, because the more modes you have the longer it takes Windows to switch between them.
-------------------------
## Desktop ##
640 x 480 @ 30.000000 desktop
## Amiga & DS ##
320 x 240 @ 60.000000 240p
640 x 480 @ 60.000000 480i
800 x 600 @ 25.000000 600i
## Super resolutions ##
2560 x 238 @ 60.000000 super
2560 x 240 @ 60.000000 super
2560 x 242 @ 60.000000 super
2560 x 256 @ 60.000000 super
2560 x 262 @ 50.000000 super
EDIT: oh, and for the commands to add/remove individual modes in VMM, try this thread -
http://forum.arcadecontrols.com/index.php/topic,153488.msg1608259.html#msg1608259