Emulating Kobo firmware in virtual machine

Hi,
Just for a little bit of fun and nostalgia, I wondered this morning if it was possible to 'emulate' the Kobo firmware in something like QEMU ARM.
What I would like is, yes, run the latest firmware in that emulator, and also run older firmwares (3.x, 2.x, 1.x) just for nostalgia.
I think that's not very easy, but I'd be willing to do it if you have ideas or instructions. I'd really like that!

So, if you have any ideas, paths to follow, etc. Feel free to give them to me!

Thanks!