I wonder if in some sense there isn't a market for someone to just make new motherboards instead for this stuff using modern parts. I realize there are some licensing issues after a certain point, but in theory everything up to a PIII should be doable. Particularly since memory controllers are in the chipset there are options to use things like modern ram chips and then 'downgrade' performance to be compatible in the chipset. This could also be used to allow for modern M.2 SATA drives to be run in IDE emulation mode locally or even have SD/CF options directly on the board.
The main downside at that point is space of course, hardware always takes up more space than an emulator ;)