Emulating an x86 on an ARM like the Tegra 4 would probably result in a pretty unsatisfying experience. Apple was doing the opposite: Emulating a processor with worse single threaded performance and (arguably) a simpler ISA.
The alternative is a full port of Win32, which I imagine Microsoft considered and rejected. Even after they incurred all the time and development cost, ISVs would still have to at least recompile.