It would probably need to get the engine to draw to a fake screen buffer and run an OCR algorithm over that. And even if the OCR and layout worked well, there would be a lot other work necessary to get reasonable text based interactivity, though that's probably partially solved by projects like Vimium. Some interactions like dragging would likely never be supported.
Not easy at all, but somehow more reasonable than updating lynx to support all of today's new technologies. I wonder if anyone's already tried something like it.