If you liked this fantasy console approach, you should also check https://www.lexaloffle.com/pico-8.php, it is not OSS, but have really great community and support.
It's heavily incomplete, but it runs "Celeste" on an ESP32. Some small games also run in the Raspberry Pico (RP2040), but it does not have enough RAM for medium-large games.
I've abandoned my Pico8 on RP2040 port though, a lot of games simply need more memory than there's available. There's this crazy guy: https://github.com/yocto-8/yocto-8/blob/main/doc/extmem.md that managed to get external RAM over SPI working (RP2040 does not support memory remapping)
On ESP32 with SPIRAM (/PSRAM) Pico8 is definitely achievable, and _most_ games will run at a playable frame rate, but some won't; as an example "Rockets!", does too many calculations per frame to run smoothly, and the Lua overhead starts showing so I'm exploring ideas like an optimizing compiler that can run off-console, etc.
I don't thing TIC-80 will be doable, the constraints are significantly more relaxed. A Pico8 framebuffer is 32KB; in TIC-80 it is 64KB (and this doubles with buffering/DMA) but most importantly, code is no longer something simple like Lua