Can I suggest, as others may have already, look at integrating an existing open source emulator, say UAE, into say, a Linux distribution - so that old programs could be run easily, with all the emulation 'hidden' - making it easier, and giving the feel that the system simply has support for older files natively. such a linux distribution, wud be ideal for the new PPC hardware (a1/pegasos).
It just seems wasteful to put your time and effort into as someone has already said, "reinventing the wheel".
