it would be pretty much like running UAE, except the OS friendly 68k apps would run in such a way as to make it impossible for the user to know UAE was there...
It should be noted that this would be doable with any other host OS other than AROS itself. That is, you could start up 68k AmigaOS application, seamlessy, on any operating system where UAE runs, provided that the part which interfaces UAE with the host OS were adapted to each one of those OS's.