Given that the 8086 has SI and DI with a +imm8 mode, like the (IX+imm8) and (IY+imm8) instructions on the Z80. I do wonder if Z80 CP/M machines were the real target rather than the 8080.
I did write an 8086 assembly based Z80 emulator (in the late 80's) that was surprisingly compact and had acceptable Z80 performance on a 12MhZ AMD 80286. It passed CP/M system calls to Concurrent DOS.
I should see if I still have the code and run an emulator torture test to see how bad it was.