I really wish all these "open source" chips would just steal the DEC Alpha microarchitecture and implement it. It's been almost 20 years--even the patents on EV7 should have run out by now.
It was a really clean, mostly orthogonal microarchitecture that had most of the really annoying implementation corners filed down. EV5 is a very straightforward chip and maps very well to low power implementations (see StrongARM). EV6 is pretty straightforward in modern technology nodes.
And, best of all, it's documented. Compilers exist. Operating systems exist. Old hardware exists that can be used for validation and initial development. It wouldn't require you to build an entire ecosystem up front in order to bootstrap.