As to the Sega CD; it'd probably be cool but this is already super-slow as it is (There's lots of bus contention already from 2 x SH2s and 1 x 68000) so yeah.
Maybe a cool project would be SMP for the 2 68000s (Sega CD + Genesis) but I'm not even sure if there's any form of SMP available for arch/m68k in Linux (If both 68000s are wired you could maybe get away-ish with some simple bringup but can't really say for sure).