Whoo, has anyone actually got a working Lisa? Or is this emulation?

If I recall it's been done on both (emulator and real hardware).

The original version of GEMDOS (the replacement for DOS or CP/M when running on 68k) was in fact developed on the Lisa as a 68k dev machine [also some Motorola VME dev boards I think?) before actual Atari HW was available. So it's a full circle thing.