The Pico doesn't have an external memory bus, but something like MacOS Classic for an STM32 with a chunk of SDRAM and VGAish video would be fun.
I may be misunderstanding what you are saying here but if I read this correctly, you are wrong.
The project to run Transputer code on the Pi Pico uses a memory expansion for the original Pi Pico. I described it here:
https://www.theregister.com/2022/05/06/pi_pico_transputer_co...
edit - that is one WILD codebase... it has both pi pico support but also (remnants of)... Mac OS 9 support!? `#ifdef __MWERKS__`??
P.S. I wrote about HeliOS too: