If providing emacs dependency will break other packages, no need to modify Provides field on debian/control. Just add an update-alternatives for emacs symbolic link, not for satisfying dependencies for other packages.
I just inspired by jove that able to provide emacs symbolic link alternative, without altering real emacs package dependency. It's just a lightweight editor to provide emacs-style editing. My only wish is just alternative symbolic link for emacs. So that, mg can be launched as fake emacs editor on multiuser system without need to run real emacs.