Thanks for all the ideas. It's funny that opinions are all over the map - no clear favorites, although I think IIgs disk emulation got the most mentions, closely followed by a 68K accelerator and compact mac video out.
If you guys weren't aware, bbraun has some very promising video out stuff working on a Mac SE. It's a device that plugs into the SE PDS slot, and sends the frame buffer data over USB to an OS X Mac, where it's displayed in a window. Details are on mac68k.info.
To be honest I don't really know anything about the IIgs or the Apple II series, so I'd have to do a lot of reading to begin to understand Gorgonops' list, or the difference between ProDOS block device emulation and generic floppy emulation.
A 68K accelerator upgrade appeals more to my interests, but is probably far more complex than anything else on the list.
I also like Elfin's idea of a GPIO style port for interfacing to other arbitrary hardware. But I'm not sure what it would be used for really, or how many people would find it useful.
Unfortunately the Lisa community is probably too small to justify custom hardware for it. I'm still hoping that with the right knowledge, the Floppy Emu could be made compatible with the Lisa through only a firmware change. But I don't think I'd want to get into building Lisa-specific hardware.
The right-angle adapter for Floppy Emu is basically a dead idea, because the physical dimensions of the Mac case and the Emu board don't really work out. It would be possible to build a different version of the Emu board with a right angle built in, like how Uniserver modded his. But for something with fairly limited appeal it would be hard to justify the work involved to create and manufacture a "model B" revision board, requiring a separate type of case, and manufactured in quantities too small to get a good economy of scale. If you really want a vertical mount, it might be easier to use the Emu with extension cable, but replace the 3 foot cable with a 6 inch cable, and then mount the Emu board to the back of the Mac with a custom mount or even just velcro.
The idea of a headless HD20-only Emu has come up a few times. I take this as meaning "I wish it cost less", which I definitely appreciate. Removing the floppy firmware features wouldn't affect the cost, though, and eliminating the screen and buttons would only make a small difference in cost while forcing new stuff to be added to support firmware updates and error reporting. I've thought about doing a complete redesign of Floppy Emu using a different microcontroller and other manufacturing changes to help bring the cost down. That would be a huge time investment though, and it would require a big boost in sales of the redesigned model to make it worthwhile. But Emu sales have been slowly tapering off, as most people who want one already have one, which is why I'm here fishing for new ideas.
Even though it didn't get many mentions, I think I may tackle the keyboard adapter stuff next. Since it's something I find personally interesting, and I already know more or less what's needed to make it work.