Unfortunately this subforum is long dead (and you can only edit posts, not delete), but I like your idea, sounds like a fun challenge; maybe you can make a video to demonstrate it to us :P
And yeah, I imagine it'd be pretty straightforward to ROM hack; there's already a hack by Puto called 'Super Sonic in Sonic the Hedgehog', and you can use a level select cheat in Sonic 2 to get all emeralds etc., so for instance you could hack the ring counter to start at 50 rather than 0, and just jump at the start of an act to go super.