Someone might be able to emulate a 386 really quick... but not in mame.
Someone who wants to make something work in a todays PC could try to get it to work 100% native... with registry swapping (between the 'emulated' game and the emulation software... (ie, for every command... swap the entire registry... let one command go... then stop it). IE, not emulate anything but let the processor do it.
But there are some real problems with this (you want it to only do one step... it will run really fast and stepping it down will not be easy... ok for some games, not for others).
Like a HLprocessorE.
But don't expect it any time soon.... and by then, standard emulation will probably be able to handle it... why? Emulation programmers aren't looking at this as an option...