I've still got Panzer Dragoon on my PC, (downloaded the sequel on a Saturn emulator since I played it first and it was a great game), althought I've never tried running it at 5040x1050.
SSF doesn't do that. Its "high resolution" mode is just 704x480 (720x480 for PAL games), and all it's doing is doubling the pixels anyway.
Interestingly, Panzer Dragoon Zwei supports a widescreen mode, making it one of the first non-handheld widescreen games. But since SSF doesn't do widescreen resolutions, there's no convenient way to emulate it - widescreen mode simply stretches the picture vertically, with the expectation that the widescreen TV will stretch it horizontally back to normal, so you must have your graphics card do the same.
Also, I finished Panzer Dragoon Saga for the first time pretty recently. It's easily the most innovative JRPG I've ever seen. But damn is it ugly - this should have been a Dreamcast game.