PCI express would probably be the better starting point as AGP is old school now. ARM is a possible contender, and there is a rumor that AmigaOS4 will be ported to it.
I agree that AGP is too out of date. As far as ARM is concerned, AROS is currently being ported to ARM by Dr. Schulz. IMO, OS4's fate should remained locked to PPC. With AROS being x86 and soon ARM, it would be a waste of Hyperion's limited resources to support anything but PPC.