I think this is really cool, but calling it a "systemd replacement" feels like click bait to me.

Systemd manages a huge number of things, and this doesn't even reap zombies, which all good init programs do. It doesn't support run levels, it doesn't support "resapwn" (for getty processes) -- hell feature-wise this isn't even a legit replacement for SysV init.

Having said that, I think this is a neat idea, and it'd be cool to have an emacs server process as a true pid 1 init, and when you SSH or go to the virtual terminals you'd get an "emacsclient".