I 've been using emacs + auctex for years and they work fine with ConTeXt:
I modified the \etc\environment file as:
OSFONTDIR="/usr/share/fonts;/home/fvleung/.fonts"
PATH="/home/fvleung/ConTeXt/tex/texmf-linux-64/bin:/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/usr/games"
I added the following in the .emacs file:
;; ConTeXt mkiv
(eval-after-load 'tex
'(add-to-list
'TeX-command-list
'("ConTeXt mkiv" "context --nonstopmode %t"
TeX-run-command nil (context-mode) :help "Run ConTeXt mkiv")))