Yeah. Except it won't be networked how you initially think. People tend to see the network cable on the real system and think "yeah this cord can be emulated, just over the internet". The problem is the latency of that cord is very low compared to the internet, so essentially you have to emulate both systems (like is currently shown when you go to 2 player mode on Game Gear) on all of the machines you want it to be networked on. This way the latency isn't in the cord, but on the actual button presses, which is acceptable as the alternative could lead to games that crash because the cord isn't working like they think it should.. Hopefully that explains it well enough.
It will already be covered by RetroCopy once networking is added over the coming months. All of the cores have been built with that in mind since the start.