Works just fine. Some of the allowable options seem less useful to me than others, but more options certainly don't hurt, and the patch is still quite handy at its core.
Note that when using the "Start + Select clears level" feature, clearing a level that has a cutscene (i.e. a Koopa Kid level) will skip the scene. Similarly, clearing a Switch Palace this way will not activate the switch, but will still blow up the level tile and make it unenterable (if the event is set to do so, of course). For what it's worth, in the vanilla game you can also score +2 exits you shouldn't normally be able to get by Start + Select clearing Bowser's Castle and Back Door.
Also, depending on the timing of the Select press when using the "Start + Select kills player if level not cleared" feature, the game may either resume the level music OR play the death jingle, with the latter apparently being more common. No other tangible drawbacks were observed.
Tested with Asar 1.71, Lunar Magic 3.11, SA-1 1.32, Snes9x 1.59.2.