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Hehe, thought about it, and I actually have a 32bit PIC dev board with which I could do something like that, but at around 40Mhz I doubt I could squeeze too much out of it, even if I was doing it in assembly (which I won't, that much is certain )
On the other hand, I've been waiting for a good excuse to dig into FPGAs...
I ended up connecting it once to the computer and burning a single test program, thus I'm selling it if anyone's interested. The S&H alone will be around 130 BTC for Europe or 180 for other places, thus I'll be accepting offers starting there.