I tried it periodically for a few years. About 12 months ago it finally started working. I cant say how well, but it loaded, and I tried a few adf files which worked as well. I was using it inside a VM at the time though, so there was no hardware acceleration at all. As for functionality, I didnt try it heavily enough to say if its fully fucntional vs Winuae+Windows, but basic use seemed fine.
Another alternative, and one that's more "amiga" is AROS + janus uae, or AROS + AROS port of WinUAE 3.x. The latter is 64bit only, but if the goal is simply to host amiga os that's not a problem. AmigaOS and derivatives (AROS in this case) are very easy to customize/strip/etc. for a project like that. The user-startup and startup-sequence make it so very simple.