In terms of an emulation - that would need to be based off the Z1 / MOSS code rather than the raw algos which, by themselves, probably wouldn't hold up that well today. Korg updated most of them, though apparently a few (like the Brass algo) weren't considered worth the trouble..
It was also said the Z1 / MOSS source code was poorly documented - making any updates / conversion "difficult" without the original coder to make sense of it all. We have no way to know how true that is, though I think many of us got the sense there's something more to the story..
There were potentially two other factors in play though.. 1) R&D considered the Z1 inferior "early efforts" that are superseded by their later work (thus a "why bother" attitude.. ). 2) Some of Korg maybe didn't want to touch the code out of respect for the memory of the late engineer. Though I couldn't think of a better way to show your respect than to have some of their code live on in virtual form..
