I've compiled the reimplementation for the Pandora. It... "works"... I wasn't able to find a single game other than the most basic of example that was really playable, but it does show a lot of promise; what did run was extremely well done. I wouldn't count on it in the near future though.
That is a good point about qemu that Letalis made. It might work. It wouldn't hurt to try, at any rate. That'd be pretty awesome, actually. Anyone willing to try? I haven't done a Windows install yet, just FreeDos for the sake of testing.