By the time a mod chip is released for 360, nintendo revolution will be out. And the revolution will be able to play all the original games w/out any mods.
And I am guessing that the revolution will be cheaper than the mod chip anyways.
or simply buy a game cube for like 99 bux buy the gameboy attachment piece for another 45 or so and you can play alot of the original games that were released on gameboy