It's open source, right? This means the source code should be available somewhere, so maybe someone with enough experience could update it for Tiger/Leopard (or, how about this, port it to Intel! It would probably need lots of extensive, nontrivial work to do that, though.)

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This isn't getting ported to Intel. Its a virtual machine, not a full blown emulator. In order to work, you have to load the included kext which rules out Rosetta.

http://mac-on-linux.sourceforge.net/

Browsing the SVN, it looks like some work was done to get it working in Tiger.

The stillborn "Mac-on-Mac" can be found here

http://sourceforge.net/projects/maconmac/