>> Years ago I acquired and refurbished a NeXT cube....
> A modern computer running the whole thing in emulation is not the same though.
>> Whereas for example an FPGA implementation, that’s in line with my idea of “build your own NeXT”.
But the OP is not that. IIRC, there were two distinct versions of NeXTSTEP: a 68k version for their custom hardware, and a x86 version for PCs. The OP is setting up VM for the latter (which given its age does not seem like a trivial thing, either).
So if you must have an FPGA version, it would be equally equivalent to have one that simulates a mid-90s IBM clone.