Theoretically this could work, since they mostly have the same formats.

There will be missing effects since vertex colors are gone in N64 files and they have been implemented differently.

However I'm pretty certain it would crash because of how they wrote the game : manual management of levels, i.e. animate this and this etc ... Even though it'd be well behaving code, you'd certainly end with a black screen and plugging a debugger would show the error messages they've emitted (because they do in PSX versions).

(see the leaked MK3 code for an example https://github.com/Ell/umk3 it's pure C so no OOP and that means lots of quick'n dirty code unless you have an army of coders)

Now on N64 you could simply end up with a black screen: there is so little space in the ROM that they certainly stripped many things not necessary such as text.

Just a guess, one should test for a definitive opinion.

One thing though, you will have to repack game content to an ISO because AFAIK none of the emus I've tried ran extracted games from a folder (e.g. EPSXE), homebrew EXEs do run because they do not use file system.