It's probably not that important, but if you're going to emulate hardware, might as well do it accurately, particularly if it's relatively easy, as the other comments make it sound. Max speed being inaccurate should provide the best of all worlds; the XT will be 'correct' unless you want to wring all the performance you can out of it, in which case, you keep the pieces if it breaks.
I'm not a huge fan of the 286, and doing an accurate recreation would be a real pain. Actually being able to use it well depends on some undocumented features that were discovered later on. It would allow some early Windows releases to run, but versions before 3.0 don't have much software. It would probably be a low-payoff effort. It does, admittedly, add the High Memory Area, which frees up most of 64K for other uses, but you can typically still free up enough RAM to run almost anything on an XT, particularly with the Mister's upper memory blocks.For the same reason, I wonder if a 286 core makes sense at all, given that ao486 covers basically all of the needs that a 286 is capable of. Beyond the preservation of specific popular computers like the 5160 or the PS/2, I don't see a need for such a core.
I wouldn't mind seeing an accurate 80386 with VGA and a Soundblaster, because that's where PC gaming really started to get interesting. But unless it was a near-perfect repro, it wouldn't offer much over the AO486 core, and doing a truly accurate 80386 on an FPGA would take a long, long time. And I was looking up VGA yesterday, out of interest, and that looks like it would be an enormous PITA to re-create. It's CGA, EGA, the headline VGA modes, and then all these weird modes that programs set for themselves. A truly solid, accurate 386 core with proper VGA would be one tall mountain to climb.
It seems like maybe improving the AO486 core would be a better use of scarce FPGA programmer time. Just getting that stupid DOS4GW extended memory bug fixed would be a major improvement. If it could be trimmed down and made more efficient, so that there was room to work, the VGA emulation could be improved, and the OPL synthesis could stand fixing. edit: oh, and the IDE is really bad, and will barely run any version of Windows. That could definitely use some work.
None of that's easy, but it seems a lot easier than an 80386-from-scratch would be. It would probably even be easier than a 286-from-scratch. But that's a guess based on zero FPGA programming experience.