Sort of but I dont think the ARM can manipulate the bus and decode it fast enough, probably have to shoehorn some buffer memory and an FPGA in the middle. Not sure though.
Another way to do it is the 030 I think can handle 8, maybe 16 coprocessors. I forget its been awhile since I have looked at the datasheets.
the ARM could emulate a co-processor and execute the 68882 instruction set, on top of a few "extended" instructions that do other things that we write drivers for. ;-)
Those instructions would execute at the full speed of the ARM. Cool thing about that, is tune the Retro68k compiler with the "extended" instruction set, make a modern browser and compile it with those instructions, and the browser would actually run comfortable.
But hey, I am way out there at this point.