Things are looking good. There's one small snag of what to do about one-way arrows; as you probably know, Cheapo doesn't consider them "objects", but treats them more like how steel areas are handled (or at least, how they were prior to autosteel's existance). Since the sizing of them is very flexible, unlike in other engines where they're restricted by the size of the object, this could be problematic when converting levels (of course, in all but the very best of cases, Cheapo level conversions are going to require some manual touching-up anyway - NeoLemmix is probably the closest currently-used engine to Cheapo mechanics-wise, but there are still a lot of differences).
But, to show that I'm getting somewhere; here's a saved gameplay image showing a Cheapo graphic set being used in NeoLemmix (note the Swimmer, which is not found in Cheapo).