Something like this is planned by Fredi Aschwanden. I just avoided the word JIT, because I do not completely understand it myselve, and the next question normally is "why not us a PPC than" ;)Such a "partial JIT" will solve everything except selfmodifying code as far as I understood. I will post your message insiode our development forum. Thanks.
Well, you could just as well ask "why not switch to emulation", but then I guess most of us here aren't all that rational when it comes to our attachment to the M68k architecture

And the other thing is that a JIT from M68k to PPC is massively more complicated. A M68k to Coldfire JIT can just skip past most instructions, and so for almost all instructions all it needs to know is how to determine that they fall in the "safe/compatible" category, and how to figure out the length of the operands to skip them. For m68k that's very easy for most instructions - there aren't that many variations of the encoding.
In theory there's nothing really stopping you from undoing relocation and generating/caching a new fully or partially translated binary through this process either, though it might not be much point adding the complexity.
Looking at the size of M68k instruction decoders, you can do enough of the instruction decode to skip the safe instructions in at most a couple of hundred lines of code (the only one I happen to have sitting on my hd is 457 lines of C to decode instructions fully to text - a decoder that for most cases only needs to figure out the type of instruction and size would be far smaller).
Beyond that it's the code to manage breakpoints and splice in "fixed" instructions, but that shouldn't be huge either.