I have a similar rig for my Oric-1/Atmos collection, wherein the processor being used to emulate a disk sub-system for the Oric is itself a ridiculously faster computer than the Oric hardware its supporting .. (Cumulus)

Nice idea to make a Wifi Modem, I've got an ESP8266 I may just wire up to an Oric one of these days, when I open that drawer full of junk and find it..

Always cool to keep the old machines going, no matter what ..