@whabang
As a personal pet project I have been fiddling around with such a design. While still in block-diagram design at the moment, I am making some progress. It's one of those things that's constantly on my mind, so I keep playing with it.
It's two designs really... One incorporating the original chipset, one completely overhauled to updated hardware. QuickLogic has some really nice chips that work well with 680x0 processors... Mainly an SDRAM controller and a PCI controller... From there the possibilities are endless!
The real nightmare will be in getting OS3.x to run on the updated board. It'll have to involve patching kickstart before boot (using a flashrom and nvram), and using a customized installer to install WB including the necessary drivers. This will also get around the legalities of distributing a modified version of OS3.x, since it works like an emulator (using what you already own) :-D