It works okay for Magic Drives (I own one), but I doubt it'll work with Double Profighters since there is special hardware required, afaik. The SMD also doesn't work with all games since they all require different kind of mapping chips which the unit simply doesn't support.
I never stumbled across a good conversion utility (infact I've never seen a SMS -> SMD format conversion utility at all... except this funny *.GG to *.SMD programme), so you'll have to convert the ROMs by hand with a hex editor (it's also possible to send ROMs via Parallel Port with GTool and SMDUtil which is much easier... but afaik those utils only support SMDs).
Converting is fairly easy... simply add 512 bytes of 0's to the beginning of the ROM data, change the first two bytes to the romsize in KByte divided by 16 in hexadecimal values (i.e. 512 KByte / 16 = 32, which is 20h) and change the second two bytes to 01h which stands for Z80/SMS data. If the Profighter is able to understand *.smd headers and is SMS compatible he should be able to identify the converted ROM now... if not he isn't.
-- Matthias