I imagine that the hard part is probably not making a lisp machine but making what made the lisp machines so special: it's software and tooling.

My understanding is that the tooling available on lisp machines was so good it made emacs look rigid and dumb. I'd imagine that reacreating such tooling would take more man hours that building the lisp machine and its kernel but I don't know.

An LMI Lambda (shipped 1st gen machine that was an evolved MIT CADR) emulator is at: https://github.com/dseagrav/ld