It should run just fine on an emulator. If you've got a Mac, Sweet16 is the way to go: http://www.sheppyware.net/software-mac/sweet16/

However, I get the feeling you are thinking of Mac OS - this is for the Apple IIgs - an entirely different beast. However, if you're interested in running old versions of Mac OS, give Basilisk II a try: http://basilisk.cebix.net/

Most Older OSes up to 7.5.5 can be downloaded directly from Apple last I checked. I particularly liked Mac OS 6.0.8 for it's simplicity.