Earlier quoted context omitted.
Emacs contains a quarter million lines of C. What do you do with all the elisp that calls into it? Maybe that could be turned into a "libemacs" and used from FFI.
Or maybe you rewrite it in Common Lisp. If you're going to take the Common Lisp route, I think it might be worth going all in and just re-implementing Emacs in Common Lisp.
For example, there's Hemlock from CMUCL, and its descendants built into Lispworks and Clozure Common Lisp.
Those implementations aren't likely to work well as a substitute for GNU Emacs. For one thing, there's a substantial ecosystem of software that depends on specific APIs and other characteristics of GNU Emacs. Writing code to bridge GNU Emacs APIs with those available in the Hemlock descendants would be a lot of work.
There are some other obstacles as well. CCL's implementation of Hemlock uses the Cocoa text architecture, so it's not portable to platforms other than macOS.
The Lispworks implementation is portable across Windows and numerous UNIXEN, but the Lispworks license will not allow delivery of a proper substitute for GNU Emacs (it forbids building an application that can be construed as a Lisp development system, and when I pressed them about exactly what limits that policy implies, they explicitly used Emacs as an example of an application that would be forbidden).
The original CMUCL Hemlock and its portable version are designed to work with CLX. It could probably be made to work in a modern X environment, but making it fit well into modern GUI environments and porting it to all the platforms GNU Emacs works on would be a huge amount of work.
I'm probably overlooking some other Emacsen, but I don't know of any off the top of my head for which the situation is any easier.