The issues with Arduino: either a large one needed, like Mega2560 ($10-15), or the normal one with more glue logic (extra latch chip, more wiring). Either way, an SRAM chip is needed, plus some 74xx glue logic. Another issue is that such a thing has to be written in AVR assembly code, to gain enough speed (Arduino normally running at 16 MHz, so just ~4 AVR instructions per Z80 cycle), while the Arduino IDE simply not designed to write assembly code. It is possible, but the syntax is horrible. Can be worked around with a tool that would translate normal AVR assembly to the Arduino syntax, but this kind of defies the main idea behind Arduino's popularity that you can easily read and modify the sketch code.
Emulating Z80 with an MCU, such as AVR, still does provide some benefits. For one, real Z80-based system would also need a boot ROM with communication routines, and communication process would take Z80 time, i.e. communication run on Z80. Emulated system can do communication process fully transparent, keeping engine code very simple and allowing to modify its parameters (any RAM value) at any time from the outside.
I think a good start would be writing a Z80 emulator that would emulate AY files off the internal ROM (to avoid hooking up the external RAM yet). Then it can be developed into actual device. I'll think about it.
On an not very related note, utz, i'm sure that after you managed to do so many amazing engines, and figure out the TI calcs stuff, you'll be able to figure out the Arduino stuff in no time. It is very simple, actually, All you need is to get Uno or something, and connect a speaker. Maybe you'll think up something cool to do with it. I haven't, because the thing is too powerful to just write conventional beeper engines - it has enough oomph to generate high resolution video signal purely in software, not to mention good fidelity multichannel audio.