BTW people, if you send me a message via LiveJournal and you expect an answer, make sure your account privacy settings will actually allow me to do so.
UPDATE: And so here it is. Be sure to go through the ReadMe file!
Unfortunately it turned out that VMS is a bit of a CPU hog, too much for the poor ARM9. In the end it's just another random piece of semi-useful homebrew :) Hard to say what exactly is the limiting factor here, I'm too lazy to do any serious profiling, but seeing how it's almost working I'd say some more MHz and/or cache would do the trick.