It might work if you also dump the firmware from your DS and then set no$gba to load from the firmware (encrypt the .nds file as well then).
I highly doubt it will work though, not to mention you won't really be able to do much even if you manage to get it to work. Something which I told you before. It's pointless to try.
Also it sounds as if you may not have dumped enough as it's complaining about a missing folder, a folder which you can't really put anywhere as the R4 will have a specific location for it which is most likely not attainable on the PC (a directory like R4\Homebrew\moonshl ).
So yeah basically short answer, I can't say for sure, but I incredibly highly doubt it's possible.
It would need work on the emulator's core programming, which would in turn need either the approval or active work by Martin; but since he hasn't been active for nearly a year, that would prove problematic at best.