We're way overdue for a (non-FPGA) TRS-80 replica of some sort. You can't swing a dead cat without hitting an Apple I clone and there's a
(somewhat indirect) PET replica out there, it's time for the Trash 80 to get a little love.
Sort of what I'm picturing is an 8x10"-ish modular board, roughly half of which consists of the E/I peripherals. The heart of it would be the "disk controller", which would use a suitably fast MCU to emulate a 1771 or later FDC with disk images stored on an SD card. (The finished version of the software would be able to emulate later DD FDCs in addition to the 1771, so the board could act like an original Model I E/I with a doubler, or optionally the hardware could allow the subsystem to be remapped to the Model III/4 addresses and emulate the controller in those systems.) The memory subsystem would use a 128k (or larger) static RAM chip and include an MMU that's upwardly compatible with the one in the Model 4(P), and you'd have a printer port which could also be mapped at both the Model I or III/4 memory/port locations. (Since there's not that much call for actual printing these days the port could double as a buffered general I/O port for educational hardware hacking.) Serial port hardware could be optional.
The other half of the board, which you'd have the option to not build out if you only wanted to use it as a replacement for an E/I on an original Model I, would have a Z-80 socket, video generation and cassette hardware, and a header for a matrix keyboard. (You could also offer the option of using a small MCU to drive a PS/2 keyboard interface, for people who don't want to have to hack together their own matrix keyboard.) When fully-built up as a computer the disk controller MCU would be used to read a ROM image from SD and set up the hardware to emulate a Model I, III, or 4, or even compatible systems like the PCM-80/81/etc on power-up, at which point the board would act just like the real McCoy. (The ROM image would be stored in a write-protected area of RAM, similar to what a 4P does with its MODELIII/A ROM file.)
Bonus points, of course, if the video system fully supports all Model I/III/4 modes and character sets, and perhaps even emulates the III and 4 high-res boards. (To get the parts count down on the video generation portion perhaps it could utilize something like an AVR32 or Propeller to generate in software the necessary timing. The same MCU might also be able to handle the PS/2 keyboard interface.) In "full computer" mode a hardware or software key could be used to pop up a setup menu that allows the user to change what disk images are assigned to each virtual drive in real time; when just being used as an expansion interface perhaps a small basic program could do the job.
Anyway, pipe dream and all that, but it could make a for a fun educational toy. (To make it somewhat simpler one could deep-six any thought of Model IV compatibility, making the video section and MMU easier. Model III compatibility might be worth the minimal trouble, however. Could also ditch the "ROM in RAM" idea and just include a 32K EPROM socket that could hold both Model I and Model III ROMs, plus an extended Monitor/setup program.)