Don't get me wrong, it's impressive what the Raspberry Pi community have managed given that just how heavily hamstrung they are here, but don't expect to be running Linux without the blob any time soon. I remember people involved in this talking about having reverse-engineered enough information to boot the ARM core in theory over a year ago. It's slow going.
You could run Linux on ARM using this but you would need to write some more drivers, otherwise you'd be limited to pretty much GPIO/serial/SDHOST PIO.
SDHOST is actually a fairly trivial interface to implement, I'm going to use it in my chainloader but I haven't had the time to look at it yet.
Full-time? Rainy weekends? This borders on personal territory of "what do you do for day-job?", so feel free to skip answering.