I could be wrong. However I think the latest genesis everdrive is 100% comparable for all SMS, Genesis, and 32X games. Provided you have the attachment for the 32X. I don't think you need the SMSM converter as it's just a pass through to allow the carts to interface with the genesis hardware.
So yeah you can play three libraries of games on one system. Heck even just rip the sega cd games you wish to play and done.
I constantly see the genesis model one for $30, get a fund arcade stick for $15, 32X $20, HD retro vision cables $35?, everdrive $90?, and model two sega cd $45.
And your genesis is done.