Yes. Some glue logic (Mach or some type of small FPGA) and probably a bit of dual ported RAM would make a great 680x0 emulator. The performance could be quite impressive even with an older x86 CPU. The x86 CPU would be not much more than a state machine and floating point processor. This is a project that makes sense to me... and since I have written a 68040 core in x86 assembly, I could probably lend a hand.
Wow, bloodline's right, you have a crucial piece of the puzzle.
There, of course, would still be a lot of work designing the hardware.
But a super fast '040 sounds ideal.
So which socket do we aim for?
The dip or the square '040/'060 type?
It might be easier to design a processor card, but then we'd be limited to A3000s and A4000.