Regarding fast RAM, the A500 trapdoor memory expansion is **not** fast RAM, it's slow RAM. That is, RAM which is as slow as chip RAM: when the CPU wants to access it, it must wait for the chips to stop accessing chip RAM first (even though, that RAM cannot be accessed by the chips).
To get fast RAM on the A500, you need to use an expansion board which plugs on the left expansion port of the A500.
An Indivision ACA board would work.
Regarding performance, yes, the A500 can run a port of Galaga at full frame rate but you must take into account the conditions under which this port is done: this is not a rewrite but a transcode of the original Z80 assembly code so its performance will not be as good as a conversion "by hand" by a human coder. But that conversion will be however much faster and simpler: a few days compared to possibly months of by hand conversion.
Also, the rest of the arcade board also needs to be emulated/virtualized in some way since the transcoded Z80 code will still expect to bang the hardware of the arcade board so there is a necessary layer of conversion between the game code and the Amiga hardware, this also can eat significant performance.
Sure, a manual conversion of the whole thing would play at 60FPS hands down but it would take months of very painful work.
JOTD has to find a balance between the amount of time he can spend on those conversions and the end result.
If you can help him, you should!