Whelp, after a long delay, I finally got Magic Lamp along with Jurassic Boy 2 as a bonus game (thanks a bunch, fcgamer!).
Strangely, this cart of Magic Lamp doesn't get past the "GAME BOY" screen on most Game Boy models; the only ones it works on are the Game Boy, Game Boy Pocket, and Game Boy Color, the latter having its D-Pad Right and START buttons worn out. Any of my GBA's, the Game Boy Player, and even the Super Game Boy are the systems where the game fails to boot, even if the "GOWIN" text replaces the "Nintendo" text.
From what I've gathered today, the game is challenging, but the only way I find it to be this when it comes to "fake difficulty" is because of the half-charge "sword" attack alike what Qiezei mentioned. It's good for taking out enemies at a close range, but since most of the enemies are across pits or pelting you with projectiles from a far distance, yea, it does get annoying. It'd be fine if Gowin could've programed a "Weapon Select" screen so you could define either partially-charged shots or the sword from the menu.
One thing that is quite strange is that unlike Mega Man's item-from-enemy system, where it only generates an item every other time, the enemies in Magic Lamp have a 100% drop rate of any of the four items. This in particular allowed me to gain a good number of lives, gameplay I did later on in the day got me two extra lives.
Of course the first boss, "Super" (what a terrible name), does seem beatable as much as trying to understand his pattern and staying as close to the opposite side of the screen so you're ready to dodge his lunge attack, but with how difficult it is to see the action on a Game Boy without a frontlit or backlit screen and having to rely on external sources (which the light can reflect off, distorting your vision), and having a Game Boy Color with a malfunctioning D-Pad very much makes it very unlikely that I'll defeat Super and make it to the second stage.
I'd still like to see the protection of Magic Lamp (or any other Gowin GB title) emulated in any emulator so I get a crystal-clear opportunity to beat the game with save-states, and even do a proper sprite rip of Sata and Tank.