DJ Boy isn't encrypted, just heavily protected. Raiden II (and DX) has encrypted sprite graphics and also seems to have some memory mapped protection device, maybe like the other unemulated seibu games in that respect so even if it was decrypted it might be difficult to emulate.
Pandora is meant to be the sprite chip used on Snow Bros, Air Buster, Dj Boy etc. I think, Beast is the protection device, Kaneko used lots of protection devices, the exact function of this one isn't clear.