Why not build hardware-based dynamic recompilation (or translation) into the execution pipeline, i.e. an MC68000 compatible ISA that translates only the necessary bits to the ColdFire ISA (the "microcode," so to speak). Could such a solution be faster than a complete recreation of the MC68000 ISA in an FPGA? Or could a solution that translates from one ISA to another, e.g. MC68000 to ARM, be just as fast or faster?