So you want CPU emul and a kernel personality. Kind of a tall ask, especially since you'll need much of Solaris anyway to run those vintage binaries.
We have:
* illumos
* binfmt (Assuming a Linux host)
* qemu
I'm not saying it's zero work, but this looks entirely solvable.
See this: https://github.com/DoctorWkt/Apout
X11 calls can be just forwarded to the currently running server in your machine. The rest, yes, it must be implemented.
PD: I'm not saying IE for Unix would run under that; Solaris it's pretty much post BSD 2.1 and maybe from another Unix branch.
But code from NetBSD could be adapted for such task.