It's already been setup for the Nokia tablets. (http://www.access-company.com/products/gvm/).

Since both products are Arm/GTK based, I don't think it'd be too much of a stretch to port it to the iLiad. The problem is that I've been unable to find the source for the Garnet VM used on the Nokia's.
I've also tried to compile the older PalmOS emulator used for developers. However, I've run into some issues as it uses the FLTK toolkit.
I may try to contact the Access company to see if they are willing to share their sources...