It is about 20 years too late in regards to porting to x86, IMO.
I fail to see what it would buy us, even if it was easy to do. You're still having to use an emulator to run legacy programs, and you are never going to get all of said legacy software ported to the new architecture. At least with my PPC "Amiga" hardware, whether it be MOS or OS4, I still can run the vast, vast majority of old Amiga programs without having to use an emulator.
You'd have an Amiga like OS on commodity hardware, which would lower the costs of entry, for sure, though.
Smells like AROS to me, IMHO.