what might be of help is the series that appeared in Radio Electronics over 20 years ago
which described the construction of a 68k based puter that could use actual IBM cards (my
guess is though they had to be pretty dumb though). Generally cards are assigned the tasks
of initializing themselves, so in my mind there doesn't seem to be any necessity of
using 80x86 code. But I would have to imagine a great number of cards wouldn't
cooperate nevertheless. A CGA card was supposed to work though.
Note though that thee actual cpu was on the main board, IIRC.