well, if people have tested it and iot doesn work, then it doesnt work there are different "modes" you can boot it in though apparently i never tried actually, but apparently if you press "select" on your controller, it will let you choose mode 1, 2 or 3, or a combination of these -x-x-x-
There are also people making fixes for incompatible games, that fighting one being an example (Soul Calibur 2?). But I havent heard of a fix for this.
Soul Calibur 2 does have a fix, and so does 5 or more games, but yeah hot shot 4 doesnt work under any mode.