Take an Atari ST and you can see what a m68k PC could have been. Its operating system GEMDOS was a derivative of CP/M with comparable features of MS_DOS. The syscall even use the same numbers (trap #1 calls to GEMDOS map 1:1 on int 21H MS-DOS calls).

This said, several hardware PC-emulators on the Atari did exactly the thing that article describes. PC-Speed added a NEC V30 that was soldered on the 68000 and could takeover the bus and the emulation only consisted on simulating the peripherals. It worked like a charm and thanks to the generous memory of the ST could even do some things better than real PC's (for example the 640K limit was in reality a 736K limit). Later versions used 286 and even 386sx cpu's.