Update:

> Progress has been made. KVM-PR hacked to run and virtualize a 2 GHz G4: [...]

Current progress:

https://www.talospace.com/2018/08/linux-kernel-418-available.html
https://www.talospace.com/2018/08/making-your-talos-ii-into-power-mac.html
https://www.talospace.com/2018/08/making-your-talos-ii-into-power-mac_29.html