Speaking of those machines, I'd love to see someone deeply reverse engineer the pseudo-voxel/fractal landscape engine that Lucasfilm Games invented for Rescue on Fractalus, Koronis Rift, etc. It still seems completely magical that they could pull that off on a machine with those specs.
Starting from zero, you might start at a high level and work your way down. Do a simple polygon flight engine using OpenGL and your favorite high level language of choice. Then write your own polygon rasterizer that you can overlay versus the OpenGL rendering as a reference. Then maybe rework it in pseudo 8-bit code (C constrained to only unsigned char variables, or similar), which should translate directly to assembly language on the target of choice. On a real 8-bit machine, unless you want low single digit frame rates, you probably have to pull a lot of dirty tricks. Maybe a 16-bit platform would be a better choice. This is speculative - I learned 3D (to a novice degree..) on a 486 PC under 16-bit DOS using C and assembly for inner loops (bitblts, texture mapping).
There's something about the aesthetic of late 80s PC flight sims (F-19 Stealth Fighter, LHX Attack Chopper, etc.) and their flat shaded polygon graphics that feels in vogue right now. Check out Thunder Helix on Steam.
Anyway there's definitely a magical feeling writing graphics code when you get your first feeling of realistic movement and rotation in 3D space working. Hopefully the ubiquity of ultra-realistic doesn't diminish that sensation too much.