I have an mbed here, and it is pretty fast responding to interrupts... So I expect that with an external clock (the internal timers seem to be micro second accurate so not precise enough for bus sampling) it might be able to keep up... Your big problem is lack of I/O, as realistically, you've got under 30 pins and the address/Data bus of the 68000 needs 52 alone!!
An FPGA might be better here
