It's been done in the form of an Emacs clone called Hemlock. Lispworks uses it for their IDE although they don't make enough of the source available to fully customize it. Clozure Common Lisp also uses Hemlock for their IDE on the Mac and its source is all in the box.
I don't think that's exactly what you asked, however, and I agree that a true Emacs running entirely on CL would be preferable.