Since AROS68K is open source(the Atari team has done some patching of the TOS source code). I'm no expert here and I'd be interested in some of the more knowledgeable members opinion, but I believe a similar process could be possible to enable full Coldfire compatibility for the AROS68K.
It's perfectly possible to run aros on coldfire. The question is whether it's actually worth it.
Compatibility for old applications is a problem. You'd need to either to create patches or come up with a dynamic recompiler that converts 68k to coldfire at run time.
For the price there are more powerful solutions.