R-Type and Ninja Spirit are probably the worst, although in Ninja Spirit it's probably not going to kill you. In R-Type the flicker could very well be the cause of your death. Not sure why IREM had such an issue with flicker. Does Image Fight, or Image Fight 2 suffer from a lot of flicker? I've played a little of IF, but can't remember anything too serious.
No one loves Bloody Wolf more than me. I even sent in a winning amount of a high score for the monthly contest but they never used it (probably because I'm Canadian).
Bloody Wolf is one of those "perfect" games where I love it exactly how it is and never felt like anything is lacking. To get some good slowdown going, trying flying through the game as fast as you can with guns blazing under Bloody Wolf 3.
Damn Canuckistanian prejudice. Being Canadian back then, it was almost like you were from another planet.
I played the arcade version of Bloody Wolf/Battle Rangers, and while the colour was deeper and the sound was more "arcadey", i.e. sampled voices, it wasn't really much better than the TG port. In many ways I like the TG port more, though the emulation on the Mame ROM was definitely not 100% for Battle Rangers. The two things I wish the TG port carried over from the arcade were the sample voices and how the enemy dudes died - they made a groaning sound and had blood coming out of their chest didn't fly off the screen.
Edit: I just noticed that in the TG Bloody Wolf the enemies inside the houses actually had the similar arcade death (minus the groan), but when outside they flew off the screen. Kinda strange.