That is exactly what I am doing but it will be more than that. I am looking at the Numato Labs Saturn board. It has memory on it as well and could supply 16MB of memory for S100, good video and with the extra 16MB be used for frame buffer stuff. The FPGA is big enough to supply other functions as well. I am doing some breadboarding to experiment with the device and see what I can do with it.
I have an idea in my head that if one of us gets smart enough with CPLDs/FPGAs, we could do an N8VEM FPGA video chip. Kind of like the LAVA-10 but a design we could all have access to and port to new FPGAs as needed and not depend on another supplier. I have looked around and the supply of a lot of the vintage video chips is kind of drying up - I had to order an 8563R9 from the UK to build my ECB Color VDU V2. I also think it would be possible to make a hobbyist board with a DVI transmitter to attach to modern monitors.