See my previous post. There was no progress since then.
Wrong NVRAM values depend only on how they are interpreted by Canon code, so emulating only ML code won't help. If you get permanent ERR70 after changing some setting, that's a clear sign that you have set an invalid value; there's no other way to tell this. Maybe full emulation could help here, but that's very difficult (of course, I won't be surprised if g3gg0 succeeds). Detecting memory leaks may be possible (maybe run ML under valgrind?)
I want to emulate ML so I can check how the menus look on each camera, without having to buy every single model. Also, it may be helpful when writing user scripts, or when working with graphics code, fonts etc.