I just dont see the point to it (at least as far as something like minimig is concerned). Firstly speed of the cloned ppc wouldnt differ greatly to that of a 68k cpu using fpga, and secondly, as most people who have/had one will tell you ppc without rtg is a huge waste of money. Even with RTG I constantly questioned my bppc purcahse. There's maybe a dozen pieces of software that are worth the effort, and those exist for 68k anyway (with the exception of warpsnes,mess, shogo, Heretic2, and Wipeout2097(although most of these are open source anyway)), so given the same speed the ppc side is redundant. The only exceptions to this rule are MOS and OS4, which would both be waaay to slow (even things like Sam and Efika are too slow for things that purport to be modern oses) on an fpga based ppc core.
So, technically yes it can be done, I just dont see a point when it comes to amiga stuff.