Draco, thanks for looking into this.
Interestingly, out of 31 Sega Model 2 games I tested 4 do work, them being Behind Enemy Lines, Dynamite Cop, Fighting Vipers and Virtua Striker 2. All of the others show that black screen consistently, examples being Daytona USA, Dead or alive, Dynamite Baseball, Indy 500, Sega Rally Championship and more.
In Sega Model 3, all of my 22 games do not work and show a black screen instead. Examples for testing: Daytona USA 2, Fighting Vipers 2, Star Wars Trilogy...