There's no way M2 went to the trouble of emulating the Model 1 with the sole intention of porting just Virtua Racing and nothing else. Let's look at the small handful of other Model 1 games to see what else we could be getting in the SEGA AGES lineup:
• Dennou Senki Net Merc (Super obscure Japan-only rail shooter that featured a built-in virtual reality headset. I'm having a hard time understanding exactly what this thing is and what kind of gameplay it had since there's very limited info about it online. I couldn't find any footage on YouTube and the images I've seen are few and blurry. However, apparently it was the first commercially playable video game released to feature head-tracking VR input. Once again SEGA was innovating years ahead of its contemporaries. Despite its historical merit though, I have to believe there's next to no chance of this getting ported thanks to its extreme obscurity. I mean, the VR motion-sensing could perhaps be imitated by the Switch's gyro controls...)
• Star Wars Arcade (Could Disney be a bro just once and work something out with SEGA to get this greenlit for a SEGA AGES release? Not getting my hopes up but it would be an incredibly cool thing to see happen in my lifetime. Not to mention you'd have to imagine it'd be a sales behemoth on Switch, with a confluence of retro, SEGA, and Star Wars fans eager to buy the first home console release of the game in over 20 years.)
• Virtua Fighter (By far the most obvious and likely follow-up to SEGA AGES Virtua Racing. And even if M2 isn't working on a port at this very minute, we know full well that they're aware the Virtua Fighter series placed 4th in the Twitter survey, so the demand is definitely there. A fighting game would also provide some nice variety to the current SEGA AGES lineup, and fit perfectly with the Switch's innate two-player compatibility.)
• Wing War (Another likely SEGA AGES candidate. It just barely squeaked into the Twitter survey at the final #30 spot, and if it wasn't for knowing that, I'd be just a tad doubtful of its chances to get the rerelease treatment. But since Net Merc and Star Wars are pretty much off the table, why not port the three Model 1 games that aren't super obscure or bound up in copyright limbo? Hopefully SEGA will do just that. I'll be waiting to buy them the instant they're made available on the eShop. :)