Sure, but it should be possible to get at least the classics to work well on N900/BeagleBoard/Pandora level hardware.
Some of the classics have discrete sound emulation. This is 100% floating point. It does however not rely on IEEE compliance.
If Aaron is willing and you're willing, I wonder if there would be any interest in defining an "mFloat" data type. On platforms with hardware FP, it would be a #define to float. On platforms without hardware FP, it would fall back to a core class that overloads the necessary operators to implement decent fixed-point. Thoughts?