Yes, I know (didn't think twice before posting) but what if it was designed for 68010s with MMU instead (and virtual memory and memory protection capabilities) instead?
IIRC the 68010 couldn't use external MMU either, only 020 and later, but I could be wrong. 68010 did have some way to expand the memory map however (different pages, sort of).
However, if it would work, it'd be damned slow, as one can expect from 7Mhz chip (not to mention to ultraslow medium from that era, even SCSI sucked eggs...).