At 8 MHz, a 68k can execute at most 2M instructions per second. So the answer is going to be yes, if this manages to execute one 68k instruction per ~200 cycles.

I think executing an instruction is going to be closer to 20-50 cycles than 200, so it should be much faster than a real 68k CPU.

I think performance is likely to be in the ballpark of a 68040 @20 MHz, but that's just a guess. This would leave 20 cycles for each emulated instruction. With JIT you could reach 200 MHz+ comparable speeds.