Interesting, if you use the Zynq the system is already designed, get a zedboard [1] (dual core ARM-A9 + FPGA + HDMI). But perhaps what would be a much better project would be the spirit of Amiga on an ARM system with a blitter and a copper chip. (Although jamming copper changes in during the frame for color rotation was fun, and benchmarking with the green pixel line, the chip itself seemed to have limited use)

Mostly I see it as a call for a "PC" for the current generation which doesn't have one.

[1] www.zedboard.org