Designing an Intel 80386SX development board
blog.lse.epita.fr
blog.lse.epita.fr
And that's a noble idea. But this board has absolutely no I/O except for an LED. If you're going to teach embedded development, you really need to talk to some peripherals or understand how to manipulate on-chip registers. Modern SoCs work in a completely different manner than this board.
And, just to add a personal viewpoint, learning x86 low-level programming has very little value in the embedded systems market at this point in time.
But the site explicitly says that it is intended to teach PC architecture and not embedded.
And, if that's not an option, there's QEMU. Which AFAIK is free.
I made a similar design 20 years ago, but with the IDT79R3041 MIPS CPU (sadly no longer available) and XC3030 FPGA: https://github.com/jhallen/joes-sandbox/tree/master/hw/handh...