I've been playing around with hex editing the dumped versions of street fighter 2 and using emulators to test the effects. I first managed to get the M5 bootleg hack running on a regular cps1. Then I managed to change a lot of the physics and other things in the hack. I removed the computer opponent teleportation, I gave e honda the ability to throw fireballs, I slowed down the light fireball speed, and I did a lot of other stuff.
Here's the first version of my hack before I added most of the features just to prove it runs on an actual cps1 arcade board:
And here's some captured videos of the latest version