So, stupid question:
Given that [1] one of the problems of moving Emacs to Common Lisp is that RMS & the FSF wouldn't cooperate
and
[2] the difficulty with this led Lucid to fork Emacs into XEmacs, which is still out there and updated in the SXMacs fork (http://www.sxemacs.org/)
then
[3] How about porting XEmacs or SXEmacs to CL instead?