I bet there are modern PCI cards out there that can add a hard-to-emulate processor to a consumer/prosumer-grade system, but I'm not sure what to search for.
https://en.wikipedia.org/wiki/List_of_VIA_chipsets#:~:text=V....
But to your original point: CPUs don't really fail unless abused is my understanding. The bad ones are filtered out at the factory before they ever get to consumers.
If there was a demand they could probably do the same for older models if they can harvest enough chipsets. There were quite a few 430HX's on embedded modules that could be recycled...
There’s decent availability of PCI and AGP GPUs supported by OS 9 and early OS X, especially if you include PC variants that can be flashed to work with Mac OS, so I wouldn’t worry about video too much in the short term… just make sure the motherboard has a PCI or AGP slot.
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 ;)