Here is what the article says about emulation
" introduces new boot code and timing challenges. The effort to resolve these challenges can exceed the appropriate lifecycle extension budget, consuming any profit to be made in extending the product’s life.In contrast, simply replacing the obsolete processor part with a new FPGA device that’s fully hardware and software compatible is usually significantly easier and less expensive."
The article says a lot of things. It depends on your design goals, of course, and expertise. For instance it also says this:
"If your design team has little experience using IP cores and FPGAs, then using a discrete processor chip is likely the better approach."
And "How many more years do you expect to ship the product? The longer this life, the greater the chance your new processor chip will also become obsolete, and the more using IP makes sense." I don't expect ARM chips to go obsolete any time soon.
Anyway since this is a hobby project (at least for now) most of the business-type decisions aren't really important. BUT I did consider the FPGA option, and rejected it for several reasons, the central one being, I don't intend merely to
replace the 680x0 with an exact replica, but rather, to
improve on it.
Also, I already have a Raspberry Pi.
(Besides, that article is basically a piece of marketing for their own IP cores...)