Sorry, can't answer that question. As previously stated I haven't tried it myself.
I merely set up Cake for my pedestrian Docsis3.0 connection and called it a day.
From what you can find on the forum it seems that it's probably not possible to combine SQM and netem.
But @dlakelan has a script with lots of bells and whistles including support for netem:
I'd be curious as to what you end up using and if you find that the hypothesis of modern games going overboard with their 'lag compensation' on low latency connections holds up.
So please let us know and good luck.