I was actually thinking about something like that: a software-defined sound device like the PicoGUS or PicoMEM, but with a parallel port interface instead of an ISA interface.
With something like a Raspberry Pi Pico, it should be really cheap and relatively easy to implement, and with proper programming, it could emulate pretty much every parallel port sound/game device imaginable:
One step further than that: a more advanced variant of such a device, which would have both a parallel and a serial interface (which you would ideally plug into a both ports on a computer or laptop, through two cables). Such a device could then emulate any of the above, plus an MPU-401 MIDI interface through the serial port. This would then be compatible with the MPU-232, as well as the native RS-232 interface on some Roland MIDI modules, and would work with the SoftMPU driver. Alternatively to MPU-401 emulation, this device could perhaps also support serial mouse emulation when a USB mouse is attached to the device.
A parallel interface is even easier to interface a microcontroller with than the ISA interface, right? Just pick a microcontroller that has enough GPIO pins, wire up each I/O pin on the LPT port, use level shifters where voltage conversion is needed, hook up a high quality sound output device to the microcontroller through its I2S interface, and offer a USB port and possibly a 9-port Atari-style game port for the FTL Sound Adapter emulation, if enough GPIO pins are left for one.
And then do all the magic in software. 🙂
Full Sound Blaster and MPU-401 emulation for such a device, even in protected mode games, could be accomplished by adding support for it to SBEMU and/or VSBHDA.
Or am I missing something?