So I've got kinda the same problem with a Virtua Racing cart. Mine is the Japanese version VR.
At first I thought it just wasn't compatible with my US console systems (incl with or without game genie region codes, etc).
But it so happened that I had just bought a Japanese Mega Drive console, so I tried it on that as well.
The game starts to boot up and everything seems fine until the initial "press start button" screen. Then game just hangs and a white stripe appears on the screen whilst the music keeps on playing. It does this every time.
The connector pins and internal circuitry is pretty clean.


Problem with the SVP chip itself?
I've read that, over a period of time, this seems to be the main cause of failure regarding this game.