As to the Sega CD; it'd probably be cool but this is already super-slow as it is (There's lots of bus contention already from 2 x SH2s and 1 x 68000) so yeah.
Maybe a cool project would be SMP for the 2 68000s (Sega CD + Genesis) but I'm not even sure if there's any form of SMP available for arch/m68k in Linux (If both 68000s are wired you could maybe get away-ish with some simple bringup but can't really say for sure).
* Word RAM can be swapped between the 68Ks, or can be operated in a split mode where each 68K gets half. There's no mechanism to allow both 68K's to access the same bank simultaneously though.
Regardless, I don't really know if there's the notion of an SMP-enabled m68k board based on Linux so I would not really know where to start.
For SuperH, I've gotten very lucky because there's a single CPU subtype (J2, https://j-core.org/) which has SMP tidbits that helped me understand what to look for and where in terms of wiring the 32X's CPU subtype.
I mean, there's a lot of hand-waving there (i.e. it would only be output which could complicate ease of using it practically) OTOH it might free up resources?
(I'm not experienced in this hardware level so I apologize if this idea is absolutely stupid/impractical.)
There's really clever ways you can get down to scratch that space-saving itch; I'm not knowledgeable about it either (I'm just really bad when it comes to analog signals) but if you really, really needed to shave off even more stuff; I reckon that the video console driver could possibly be reduced to something far more esoteric (That'd need signal processing to get tangible output of). But at that point, just use UART (Which is simple-enough already and should not really starve you out of much memory).