Well, I'd like a CPU card ('060 + PPC, maybe a nice G4) with integrated PCIe bus, connecting to a PCIe daughterboard. Of course the CPU card has fast local memory (256 MB to 2 GB), a NIC, a few SATA and USB ports and a somewhat decent audio chip.
Dropping Zorro altogether (sorry, Dave) has the advantage of not having to care about DMA and addressing, so you could put more than 128 MB on the card.
The only thing missing would be a sweet little PEG graphics card of your choice and you'd have a completely new machine without missing anything you love.
Impossible you say? Well, not really... The hardest parts would be sourcing the CPUs and writing drivers for this Erlkönig.