found out this about using a TI MSP430 to emulate a PDP-11
The 27 core instructions combined with these special features make it easy
to program the MSP430 in assembler or in C, and provide exceptional flexibility
and functionality. For example, even with a relatively low instruction count of
27, the MSP430 is capable of emulating almost the complete instruction set
of the legendary DEC PDP-11
http://www.ti.com/sc/data/msp/databook/chp1.pdf
Maybe you should make a real PDP-11 with your emulator on a micro with the proper inputs and outputs and busses so you could hook up real DEC peripherals like tape drives and disk drives. I might be able to help with the hardware end of things.