This can definitely work. We tried this with @segathona little more than a year ago. There were some technical issues we ran into with desyncs, but I think we figured it out in the end. Unfortunately it never took off due to limited participation. Testing will be key -- let's make sure we can get some successful exhibition games in.
Here's the original post -- https://forum.nhl94.com/index.php?/topic/19693-nhl95-online-rom-info/
You can read through some of the troubleshooting we did to make it work.
Also, if this takes off, we'd need to capture the locations (offsets) in the savestate (RAM) for the boxscores (like this). OR, worse case we can just manually keep track of wins/losses.
Having said all of that, I am happy to help test and be part of a '95 league. Count me in.