IMHO dynamic recompiler would be better option, but recompilers are not portable
Yes, there was a fork of fba 0.2.96.71 named pifba, which used cyclone (=> arm m68k dynarec), i tried to port it to current fbalpha-libretro one year ago, i was even able to start some games, but they would reboot after a second or so, and i was unable to figure out why, perhaps i should try again.