I think you need the cia version for dynarec and it won't run Knuckles Chaotix without it.
Damn i thought all of the cores had Dynarec for 9.2 and below users. :/I think you need to use the CIA versions for dynarec support, as far as I know only gpSP has dynarec enabled in 3dsx currently.
Is ther eany ETA as to when will Picodrive support Dynarec?
I really want to relive Chaotix through my N3DS