This project seems like a pipe dream to me (though I'm always open to surprises!), but if you're going to upgrade the Amiga with a processor that needs an emulation layer in the end anyway, why not go for something other that Coldfire? The Atom series have built in Intel graphics, as far as I understand, which seems like a huge advantage. Of course, then it'll be Intel Inside

Regarding monster accelerators in general, I don't understand why it isn't done the other way around. Like, a PCI card with the Amiga specifics on it (implemented in FPGA?) and the host computer would slave as a peripheral interface and 68k emulator.
By now, people might consider directing me to WinUAE or similar emulators, but ultimately, WinUAE isn't as responsive as a real Amiga, which is pretty much the only reason I still have an A1200 on my desk. Relatively small delays in keyboard/mouse input and sound/video output add up and detract from the experience I'm looking for.