As I understand, the Picade is build around the PI3, with an interface circuit own to Pimoroni.
Honestly, I think that you should arrive to make it run, but only with some basic knowledge of Recalbox internals.
My GBA Freeplay is about the same, use a CM3 instead of the PI3, an dedicated button and hat interface, but I am running Recalbox on it.
Means, if you anyway build the Picade, no reason to not try Recalbox. If you arrive to make it work with some problems on interface, there is hope. LCD Display^s and joystick/buttons can be adapted. We have the tools.