I have been reading about all the dreams about new Atari clones / emulators and such. :)
I am not that engaged in the discussion as I am mostly interested in playing old ST games and perhaps code 68K asm from time to time, but I I just want to tell you a story...
In 1992 when Digital released the Alpha CPU, there were tons of (and still is) old VAX based applications. Many customers were concerned about how they could run all those good and stable VAX executables on VMS for the new Alpha systems. Digital made a binary translator that translated the VAX binary's to Alpha binaries and this became a very successfull project.
Compaq has now sadly decided to close the development of the Alpha and port OpenVMS to Itanium/IA-64. They will now also make a Alpha to Itanium binary translator, so all Alpha applications to which no source is available will run on Itanium.
It is not a light project, but a binary translator that translate 68k to another CPU might be something to do...