It's not currently the recommended build, but there has been a lot of interest and development in recent weeks and months, so probably worth checking out. One noted improvement over the recommended build is a patch from a few months ago that finally lets Ferazel's Wand (and some other games?) run correctly.
Some other changes at the link above.
Meanwhile, SheepShaver and Basilisk II have recently been moved over to Github, which may make it easier for people to contribute:
You might be interested in this comment from Ferazel's Wand author Ben Spees:
"...in case you are interested, I am currently doing iPhone development, and have two games up on the App Store, TxtFighter and Tiny Toots. I am very keen on doing a side scroller for iOS which would be a conceptual sequel to Ferazel, but of course for legal reasons can't be titled that. Hopefully I will be able to work on that soon and I think any Ferazel fans would be into it. I am truly grateful for everybody's support of the game."
He wrote that when a forum member was still trying to figure out what was making Ferazel break SheepShaver and contact him for help...