Actually, JIT mechanism for 68K on coldfire need not be more complex than HP's Dynamo mechanism. That is effectively a hotspot JIT emulating the actual same CPU it is running on and gets faster performance due to various runtime optimisations that arent possible to make at compile time.
Like Dynamo, a JIT 680x0 on coldifre implementation has the benefit that most of the instructions would need no translation - you only need to worry about branch offsets that change as a result of expanding some code "inline", like your unimplemented 680x0 instructions.
Don't know anything 'bout dynamo (maybe some urls?), but with coldfire it's not that easy.
Just imagine - you have all regs filled with data and you must JIT-emulate add.w d1,d2. No stack push/pops are allowed by definition, flags must be also set correctly. The same but to a greater extent goes to mulu.l d1,d2:d3 or smth similar.
That's why I'm saying about g4/g5 JIT emulator as an accelerator for amiga. Unfortunately I have no needed knowledge to do such thing by myself.