Don't get me wrong, I enjoy the prospect of someone finding out a way to get this to work, but for many reasons, including those echoed here, I'm not sure this will ever work well.
You've also got to stack the efforts required against the reward. If you read the
review Ars Technica did on Sierra, you can see that apart from APFS, there are a few minor security enhancements, and that's about it. I doubt anyone running a 1,1 or a 2,1 is all that concerned with things like Continuity or Siri (please correct me if I'm wrong).
So, APFS is looks great, or at the very least it's good to see the back of HFS+, and I guess some would consider that alone enough of a reason to move, but if you're getting down to the level of ripping OS X apart completely, it's going a bit far, isn't it?
El Cap is the current OS you can run on these machines, which history would suggest would mean you'll still get another 2 years of security upgrades. After that, on average those who bought at launch would have had their machines 11-12 years! It's safe to say barring APFS there's not much more Apple could do to improve performance on your machine. Adding emulators is only going to add overhead and slow things down, which isn't what people want to deal with.
As I say, don't want to dampen anyone's spirits or dissuade anyone from investigating this; when I heard about the Tiamo thunk between EFI64 and EFI32, that was pretty magical. Pushing hardware to its limits and getting things to do things they were never designed for is fascinating to watch. But in this case, I fear the solution would only make these machines slower.
Happy to be proved wrong though