Well forgetting the top end model, which they could kludge together with all sorts of nice Zorro II/III cards, the base model would have to do what your average PC did.
I think my first PC was 1992, and that was 999 bucks for a 486 25mhz clone. I think by 1996 most people were on machines capable of VideoCD software playback thanks to MMX.
So you would need....
A CPU as capable as the minimum average spec of the time PC people were getting after giving up on their beloved Commodore to ever come back. Not just for games, but for doing raw filled 3D and texture mapping cheats like in Doom and Quake. So that would be a minimum of 060 50mhz (which is about Pentium 100-120mhz performance I believe as the 060 is a clock doubled CPU IIRC)
Graphics, whatever you do if you don't have a native byte per pixel mode you might as well carry on going bankrupt, super fast VRAM chunky mode for 320x256 AND 640x512. A 32bit blitter as powerful as those in the VRAM PCI cards in PCs. Rest doesn't mean a whole lot. And AAA was MORE EXPENSIVE than buying things off the shelf from people like Diamond.
Sound, 8 channel 16bit sound with variable panning, NOT 4 channels wired left/right.
A space to slot in an optional cost price CD-ROM unit like laptops of the time had.
For serious stuff, fix the bloody TCP/IP, finance a decent browser....ie slap Netscape around until they write one for you for a fee, and make sure your serial port can handle 56k modems
That's about it really, without coaxing someone like RJ Mical to do you something similar to the 3DO chipset forget anything else really, and accept that 3DO, PSX and Saturn WILL piss all over you and you have lost the advantage you had in the 80s with A500 vs Sega Megadrive/Genesis. Still an 060 and fast chunky native graphics mode would be enough to do an identical version of shitty game of the decade Resident Evil and actually a pretty nice version of Tomb Raider.
End of line.