I wrote a program called xtce-trace (
https://www.reenigne.org/software/xtce_trace.zip ) to do just this (albeit non-interactively - you just give it a program and it will generate a cycle-by-cycle trace of which lines of microcode are executed). GloriousCow aka Daniel Balsom recently fixed some of its bugs and turned it into an actual emulator (
https://github.com/dbalsom/XTCE-Blue ), though it's not finished yet so there's no binary release at the moment.