Nice idea! You are using the USB CDC serial port, right? So no extra hardware is needed, neat.
In response to the recent wave of writeups on the 65F02, I have received a couple of questions whether the board could also be used as an in-circuit tester. Your Teensy platform seems much better suited than the 65F02: It has a USB port on board, and a microcontroller should lend itself better to programming test case suites than an FPGA. (Which would require plenty of awkward state machines.)
The typical use case for such a tester would be to test a variety of host systems, e.g. old arcade games and pinball machines, with different peripherals mapped to various memory locations. So one would need a more modular/flexible software.
You could think about a longer list of routines to test all kinds of peripherals (and RAM+ROM areas), which then gets configured by a host-specific text file loaded from the SD card. That file would define which units are actually installed in the machine, and where they are in memory. The SD card could also contain copies of the expected ROM images for a quick in-machine test of correct ROM content.
Just a thought, if you need a project for those long winter nights...