I managed to make a valid iso of CheatEnginePS2 with the official sony cdvd 1.50 master disc generator, it didn't add the configuration .ini or cheat list .zip file properly because it uses the 8.3 naming standard & just auto sets the filename with a shortened ~ in it, if there's not enough data on the disc it also won't save the .IML template file for IML2ISO so you need to pad it out with dummy data, I used 75MB named as 0000.000, it ran with netemu but couldn't save the cheatlist or config file to the virtual memory card even though it could read my save files, mass/usb just showed showed a failed access message. rom:OSDSYS & Disc worked as expected, i'll see if I can make a working uLE or OPL iso.
You can use cdgenps2 to get around the naming issuse but it makes invalid isos without the PS2Logo & Licensing data so you need to patch the iso afterwards, all three or 4 regions use a different PS2Logo.
Update:
I made a wLE v4.43a iso the uLE version with the dvdvideo patch inbuilt but it didn't work with netemu, it black screens after the PS2Logo, it runs in pcsx2 an shows that it's loading the hdd modules in red writing at the top.
pcsx2 shows that it's checking the memory card for valid magicgate an fails, then it loads SLUS_999.99 from SYSTEM.CNF as normal, is there a more basic uLE build without the hdd modules, magicgate check an dvdvideo patch inbuilt?
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Update 2: I made working iso's of build
uLE v4.42d & uLE v4.40h for netemu both use the uncompressed ELF not sure if the packed/compressed ELF makes any difference to the Entrypoint, anyway I'll upload a working iso with GSM & OPL once I confirm them working too with netemu, cdvd to memory card file transfers works so you can put up 7.8MB of homebrew files on each virtual memory card, network udp/ftp/smb saves & loads the network config fine but idk if network access actually works to load or transfer in uLE or load games in OPL.