I have an idea for making a game using GB studio since it would not only fit the system's requirements but even run on an actual Gameboy, but I'm not sure if that would be considered cheating of a sort?
Nah, you're more than welcome to make a GB Studio game. It doesn't get more authentic than game ROMs that run on the real hardware. The only concern I have with making actual Gameboy ROMs is that you need an emulator to make them run, but since GB Studio can export directly to the web that's no longer a problem!