Is there some reason to not go this route? It seems a lot more obvious to me; no emulation needed. Continuum on Windows 10 Mobile on x86 solves most of these problems. I think Microsoft's last best chance for Windows Mobile to be anything other than a footnote is to support corporate desktops, and x86 phones that are also a corporate workers desktop seems like something they can manage in short order. At that point, good old-fashioned Microsoft inertia takes over and plenty of people start using their work platform as their personal device as well.
I don't see it conquering the world, but it's probably a profitable niche at least.