I did not read all the comments but would using a fcpga/clpd in conjunction with a coldfire cpu and a paralell bus off from the fcpga/clpd not do the job ?
The coldfire chipset does not have all the cpu instructions of the 68k it could be emulated just those instructions in the fcpga/clpd and off load known/ simular instructions to the cold fire nativly.
there is the issue with the fpu 64 vrs 40 i think, address lengths and some of the data format entry and adressing modes not to mention the purged instructions.
The modern cold fire chipsets have 75-90% of the original 68k chipset instructions any way last time I looked.
freescale are pushing the arm archeture and have semi dumped coldfire also of note the Altera Cyclone-III FPGA's have a coldfire core engine simplifying clpd design half the work is already done you just need to apply for liscence to use it and it is free?
some one with some skills could jump on this if they so desired an fcpga engine could be done.