fwiw I seem to have no issue with US versions of Earthworm Jim or Street Fighter II after spending maybe 15-20 minutes with each and running EWJ's first mission a few times over and just playing arcade in SFII. It's possible it could freeze if I spend more time, but I'm pretty sure it's not worth further testing.
I do have a weird issue where Master System games are unplayable because they always result in a black screen; I can hear the game running in the background and press the start button, make inputs and hear noise and/or music, but I can't see anything because it's all black. This doesn't happen with any Genesis games I've tested so far, but happens with every SMS game.
I tested the cart without making any changes to the SD or contents on a friend's Genesis unit (HDG non-TMSS--probably VA2 or 3?), and it worked there even though he was using a cruddy generic power brick.
Tested on an HDG TMSS Genesis with EXT port, Mega Everdrive X3 with OS 3.06 and 3.07, over composite and RGB cables, and with an original OEM PSU for Model 1 Genesis and an original 6-button controller if that should even matter. There's not a lot of settings to play with on the X3, and certainly none I can think of that should matter here.
Unfortunately I don't have access to a Power Base converter to test with, and didn't really plan on buying one. I don't really expect a solution, just wanted to share my experience if it helps anybody. Will probably purchase a non-TMSS unit soon and cross my fingers.