http://www.retrovgs.com/home.html

It is based on FPGA and ARM for more demanding stuff. I wonder if it would be possible to make HDL for fpga that would run Pico-8 games if it ever takes off...

Lua has been implemented on an FPGA, multiple times. Which is a start.

eg. http://lua-users.org/lists/lua-l/2014-12/msg00017.html