imho the goal of aros, os4 and mos should be that.. guesstimate what the original team envisionned for that MP update and do it.
The whole contribution of the original team is some forward looking text file which throws in the air some things you should keep in mind in order to stay future system compatible. The instructions are incomplete and contradicting (for instance use of MEMF_PUBLIC). You can't blame them really, there's no way they could foresee the future development of multicore, memory management units in all CPUs etc.
Doing complete rework of the OS design to allow full memory protection and then running old apps inside UAE, what's bad in that you ask? If you're going to cook up your own design you'll in for 10+ year project reinventing the BSD/Linux wheel. Well, why bother with that, why not use use Linux and run UAE on top?
No, I personally don't feel like doing that.
Something like running your own lightweight kernel and userland and on top of linux kernel might make more sense. You wouldn't need to bother with the low level things then. Sounds much like Amithlon, with the exception that you'd replace the userland with newer one and perhaps not bother that much with HW emulation.
Everyone, feel free to steal that idea (albeit it isn't exactly original).
For now I'll rather keep working on MorphOS as it is now.