The P1022 is a dual-core CPU. Even if you were to emulate all FPU commands in software, you'd have a spare core to do that, as OS4 is still a single-core OS.
Besides, it's not all-incompatible, but throws a few illegal instruction traps on commands not implemented (according to one of the developers I talked to last saturday). That's about the same as what the 060 CPU does for unimplemented commands of the earlier members of the 68k group. Would you make fun of those who designed with the 060 back then? Surely not.