Similar with a system I put together for emulating CP/M recently. Take away the Z80 emulator and you really only need to emulate a few bits of hardware for handling console I/O, selecting disk drive, track and sector and then reading or writing the sector. At that point you can run simple CP/M commands, assemblers, C compilers, BASIC interpreters etc.

Add VT100/ANSI terminal emulation and you can run Wordstar, Rogue, dBase 2 etc.