I tried it today, and it works in 480p, but only under certain conditions.
If your using IGR, and played the game 1st time from your dash, it works. But after using IGR (soft reset, not hard) and trying the game a 2nd time, it will hang after the copyright screen. It must be missing some screen resetting code that is needed before going into 480p mode.
The 10x11 ratio code I also tried 90'd , but the game hung even before the copyright screen.
Also, for the black border on the bottom of my TV, it went away after going into 480p mode.
So, for the most part it works.
Thank-you, Mike