It won't work fully because GVM doesn't support shared libraries and Pleco 1.0 relies on one of those for handwriting recognition - seem to be a lot of crashing problems too. There's also too little memory to install the full set of dictionary databases, and no support (at the moment) for emulating a memory expansion card. You might be able to get the Basic version of Pleco sort-of running without handwriting recognition but that would be about it.
Pleco 2.0 actually no longer uses a shared library, but because it relies on ARM code for much of what it does it won't run on GVM either since GVM only supports 68k. So the prospects for running 2.0 on GVM are even bleaker I'm afraid. It's certainly not impossible to support ARM code in an emulator, StyleTap does it on Windows Mobile, but I don't know if ACCESS is going to invest the time to actually do so at this point.
Pleco 2.0 actually no longer uses a shared library, but because it relies on ARM code for much of what it does it won't run on GVM either since GVM only supports 68k. So the prospects for running 2.0 on GVM are even bleaker I'm afraid. It's certainly not impossible to support ARM code in an emulator, StyleTap does it on Windows Mobile, but I don't know if ACCESS is going to invest the time to actually do so at this point.