M5011 was used for Macintosh SE machines configured with internal hard drives (an SE without a HD was M5010).
No one, to my knowledge has successfully adapted a compact Mac analogue board to accept a modern VGA signal.
However as referenced above there have been many VGA grayscale mods like this one: http://dclausen.net/projects/tfam/
This is a good thread with a lot of good links to other threads and projects.
viewtopic.php?f=7&t=9191