As a matter of fact, if you want to perfectly play New Knights of Valour: The Seven Spirits and Fist of the North Star such kind of 3D series of arcade game works, then none else is worthy except DEMUL. Nevertheless, AppNee can imagine - in fact, many arcade game emulator players probably did not try this one at all, except MAME.
nullDC is a free, open source 32-bit Sega Dreamcast and Sega NAOMI (arcade edition of Sega hardware) game consoles emulator for Windows, first released in 2006 and discontinued in 2011. While, even compared with its successor - Reicast, nullDC is still a better choice for Dreamcast emulation on Windows.
Ikaruga (斑鳩) is a revolutionary vertical scrolling shooting game, originally released for Sega NAOMI, Dreamcast and Nintendo GameCube in 2001 by Treasure (from Japan), and afterward ported to XBLA (XBox Live Arcade) in 2008 and Windows in 2014 (joined large number of new elements, shown in a brand-new face).