The i.MX 8M is not the Plus - though (my bad), I also didn't mean thr Plus but the normal i.MX8, which is the only interesting one regarding the CPU (as it has two Cortex A72).
The A53 has 2.3 DMIPS/MHz, the Cortex A15 has 3.4 DMIPS/MHz.
Both the A53 in the i.MX 8M and the A15 in the OMAP5 are clocked with a max of 1.5GHz.
That means one core in the i.MX 8M can run 3450 DMIPS, whereas one core in the OMAP5 can do 5100 DMIPs.
So in single core use (which is important for emulation needs) the OMAP5 is a lot faster than the i.MX 8M.
Both cores combined, the OMAP5 has 10200 DMIPS and the i.MX 8M has 13800 DMIPS using all four cores.
So yes, in single core performance, the OMAP5 is faster and all cores combined, it's not that much slower than the i.MX8M.
It doesn't really make sense working on a new CPU board that does not offer much improvement compared to the one we have.
The i.MX8 would've been interesting - but that's the one that needs a huge heatsink.
But yeah, that one has two additional Cortex A72 cores on top of the ones that the i.MX8M has - and these have at least 6.3 DMIPS/Mhz, so the i.MX8 is A LOT faster than the i.MX8M or the OMAP5.
(a single core A72 with 1.5GHz would be at least 9450 DMIPs, but usually even higher, so up to three times as fast as the A53 in the 8M...)
I did those DMIPS/MHz calculations a lot of time ago in "Future CPU" threads. You are right with numbers, but this is not about numbers but about support and functionality of CPU.
It is more important to have more DMIPS or to have better support, new kernels, drivers, proper sleep/suspend mode, less heat inside?
NXP i.MX 8M has less performance using only one core but:
1/ It is 64-bit. I suspect you can't compare DMIPS from 32 bit to 64 bit CPU (of course if you are using 64-bit mode. Note these modes on ARM are separated, i.e. it is not like on Intel x86 where each ISA extending from x to 2x bits add up more instructions to the set mixing all them; on ARM 64 bit is a new ISA different and incompatible from 32 bit old ISA, you can't mix code, CPU is on 32 bit or on 64 bit mode and run very different software on each side).
2/ Do you remember the headache it was to support 4GB because that is the theoretical limit for a 32 bit system. No problem on 64 bit CPU mode.
3/ With all cores it is a bit faster but more efficient.
4/
Sleep/suspend mode is a MUST on a pocket computer. I have a lot of pocket computers since 80's and all of them were great on suspend lasting a lot of time on a charge or battery, some of them months, a few even more than a year. Even my Android smartphone if suspended (instant on but wifi/etc off) last a month. In a pocket computer (this is not only a console but a pocket computer) that factor is a must: it is needed it to be instantly on and ready from suspend when you pick up form your pocket. Even 14 hours (when Nikolaus finish on AESS) is ridiculous: you can pick up from your pocket to use it and... no battery :O
I know this is hard/bug problem with OMAP5 (mostly used on automotive industry where suspend is not required), and there is no solution for it.
5/ I have said it before:
support, drivers, less blobs, long term support. Those are key point, points NXP i.MX 8M can fulfill, while Rockchip can't. You have been clear about it: «[TI OMAP5] receives updates in mainline Linux kernel - whereas with other vendors (like Rockchip, for example), there's no real support at all. Once they release the SoC, they release a kernel and that's basically it. While the community tries to support modern kernels as well, not everything does work yet, so you would be stuck with an older kernel here as well, no difference.»
There is sense working on a new CPU board if offer much improvement on mentioned aspects. I see them much more important than raw performance.
When Librem 5 and MNT choose that NXP SOC they did for those reasons: good support, LTS and long term availability.