mic_ of XPMCK fame has recently released a video showing VGM (SN76489 for GG/SMS) playing on NES hardware using a PowerPak.
It's still in development and he's still ironing out a few kinks. Currently since the SN76489 has 3 pulse channels and the stock 2a0x only has 2, it uses an extra pulse from VRC6. Meaning if the project continues as is, a modded NES will be necessary.
He's also done other spectacular projects such as:
VGM Player for GB
VGM Player for TG-16/PCE
VGM Player for SNES
VGM Player for MD/Genesis
NSF Player for TG-16/PCE
SPC Player for SNES
All of them are released and located at his site.
If you want to know what can currently compose VGM (SN76489) music if you are looking at the playback options, currently you can use MOD2PSG2, XPMCK, and IT2VGM.