IWM in the Macintosh is similar but not identical to the Apple ][ controller. There's a / device out there that emulates a physical floppy drive and works with the Apple ][ / called the SVD, aka, Semi-Virtual-Disk.

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Well now ... that's extremely interesting!

Seems like the best approach might be to work with these guys to adapt their existing project to the IWM

"Double Density" floppy drive transfers data at about 250Kbps, a high-density one twice that

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Hmmm. A "CD quality" soundcard can play and record two channels at 44.1 kB/s = 352.8 kb/s. However the timing is probably all wrong. I had no idea the transfer rates were so high - I was basing my thoughts off the projects that use a soundcard to emulate a tape drive.