I just did some quick and dirty tests to checkout if I had PCI Passthrough setup correctly on the host, just because qemu PC virtual machines are really the easiest way to test PCI Passthrough.
I tried qemu-system-x86 with kvm enabled and then pure emulation of a Pentium III with passthrough of the X1950XT( you can load the VBIOS from file in Qemu so no need to flash the FCode ROM that is on the device ).
Once I installed the drivers in XP SP3 it was all seamless. Quake 3 did the max of 1000FPS with KVM enabled and CPU set to Pentuim III. Without KVM, just pure tcg emulation Quake III did 79FPS in the time demo.
Game play was smooth with pure emulation in single player and sat right at the cap of 90FPS, but the time demo is much heaver with lots of bots and battle action.
So I don't know, as far as playing the Doom3 based games emulating Quad G4's with PCI Passthrough of the X1950 XT how FPS is going to fair in PowerPC emulation on a much heavier game like Doom3 or Prey.
I'm testing Qemu-system-x86 in Geekbech 2 now on XP to see how the scores match up with what the emulated G4's do in integer/FPU/Memory matchups.