Very good! Let me know what emulator and version you ended up using.
I originally planned on using Amiga P1's engine for P2 as they seem very similar. Nogg mentioned that he was working on reverse engineering P3's engine back then. I still think P1 will be less work, but can be persuaded.
I think after figuring out the ST emulation task, we have to figure out how to transfer the files from ST to Amiga and if the ST files can be used raw.