I've had a bit more of a think about this... Would it make sense to design a RISC CPU for the FPGA with the same condition codes/flags as the 68k (where instructions would set the flags as expected), but limit all the exotic addressing modes to the load/store instructions?
A simple MMU could be added to mark memory block, to assist a JIT... That way we could have an FPGA CPU that could execute code really fast, allow for easy mapping of 68k instructions to the native instructions and move the 68k->native decoding to a software JIT
