Firstly, the TG68 is a hardware map for an FPGA emulation of the 68000... That's not what I want at all.
There are plenty of 68k emulator for the ARM, I used to use PocketUAE on my old PDA... I'm pretty sure there is an ST emu that has a JIT too...
My goal is threefold:
1) I want to get rid of the real 68k (the only chip we have no control over).
2) I want to have 020 compatibility.
3) I want to reduce the component count.
My point is that the current ARM used might only be a microcontroler, but updating that chip to a more powerful chip could allow it to do its current job and 680x0 emulation too, and with only a small cost increase (if you include the loss of the 68k)... There was no chance of doing that with the old PIC that was there before.