It is proven that is possible to write programs so that they run both systems 68k and coldfire.
Old programs needs a emulation layer, but new programs are possible to run without it. It is diffrent question what would developers do, what kind of effort would be to write program to run both, coldfire and 68k cpus
It would be rediculous to make acellerator board which must use emulation. Better to bake softcore in fpga like Natami.