The solution is not the CAPS project in my opinion but the creation of a 'Patch' Database.
I believe it would be far better if people in the community with the know-how started such a database. This database would simply contain game patches which you would apply to a disk image taken from an original in order to neutralize the copy protection and allow the game to run. You would then be left with a clean version of the game (no scrollers, crew 'tagging' menus etc.; just the original game minus the copy protection) which would run on emulators. Perhaps patches could be reverse engineered from cracked game versions on menus, but I don't really no about these things so cannot comment further. If the game was on a disk with an exotic disk format then of course you would have to create the disk image on your Atari ST, but the patch could be applied to the image on your PC just the same.
An example of the kind of thing I'm talking about can be seen on the Atari ST program Disector v5. This contains 80 patches for popular games. Using a disk image of this in an emulator you can actually patch a protected disk image so it runs. It works as I've done it numerous times. Like turning water into wine it turns a non working game into one that runs.
Also, there was an Amiga project of this kind, but I don't know what happened to it - check the link
CAPS is an admirable project but for me patchings the way to go. This would also allow the Atari ST emulation community to be masters of their own destiny and grow at a speed which is determined from within. Going this way would also see the number of disk images available grow exponentially as most people would create images from their disks.
I don't know why this idea has never been mooted before, yes its a lot of work, but in the end it would be worth it.