It would be cool if someone used the executor sources to build a toolbox layer in AROS 68k so that classic macintosh applications would run inside wanderer, sort of like wine does with windows. I suppose the same could be done with GEM, but someone has already said that TOS applications aren't that interesting (albeit I have heard that atari st music apps were the rage back in the day).
Provided that AROS use a memory model similar to that of AmigaOS (which it does afaik), it should be possible to use Basilisk 2.
Now, for the second part, it seems you've missed the point. Porting AROS to the TOS/Atari platform means you can run AROS on it. That could be useful, since there are some nice accellerators and clones for this platform (most notably 100MHz 060 accellerators for the Falcon). Wether or not TOS applications suck has nothing to do with that, since you don't use AROS to run them. You run AROS/Amiga applications on AROS.