I thought the alt key emulated option? For some emulators, the left and right ctrl keys are mapped differently; you could try whichever one didn't work for you.
As far as I can tell, when I press Alt-Q on my Windows keyboard, a program running in SheepShaver quits, as if I'd typed Cmd-Q on a Mac keyboard. Same thing with Alt-P on the Windows keyboard - it causes the Mac program to print, as if I'd typed Cmd-P.
EDIT: And I got one thing backwards in my first post. It seems that the Windows Ctrl key emulates the Mac Ctrl key.
And wait - I see that the left Windows key is supposed to emulate the left Mac Option key. It's a bit inconsistent, because Windows seems to capture it - but it does seem to work, and solves this problem. Apologies for wasting bandwidth...