It won't currently work. With the previous version of GVM it completely crashed the emulator, you would see that if you tried to start AG directly from the command line (through /usr/bin/gvm/gvm [options to start AG]), with a strack trace. I haven't tried starting AG from the command line with the latest GVM, but as the emulator immediately disappears I believe the situation is the same.

AGConnect works fine though, as you've observed. It worked with the first version of GVM too.

I've also tried GVM with very old versions of AG (v3 or something, IIRC), with the same problem.