Hi jackokring,
We're running 5 or 6 years late, and it's verilog not vhdl, but maybe the 65Org16 is something like the machine you're thinking of? (I've only just spotted your post)
Here's an index to relevant threads. The CPU is running on FPGA and looks like it should do 100MHz. We have assemblers, a monitor, Tiny BASIC and eForth, and an emulator (thanks to the efforts of several regulars on this forum, this being very much a collective effort and one which builds on several previous projects)
I don't think anyone is presently tackling the idea of two instructions in a fetch, but there's plenty of space in the opcode for composites and the project is open source. ElEctric_EyE is exploring one vision of architectural extensions in his 65Org16.b core.
In fact we did start by modifying an existing core - Arlet's core - which was straightforward. So if anyone wanted to do similarly with a vhdl core, there is now a precedent. It would be preferable to join in on the 65Org16 though!
Cheers
Ed