I actually went down this path for a month or two a decade ago,
and the problem with any lof the "legacy" I/O ports on a PC is
that they are relatively slow. I found that I could not read
a bit on the parallel port more often than about 1-2 microseconds,
which wasn't good enough resolution to do it all in software.
The Disk ][ controller samples the head signal at 2MHz, so that
would be fast enough to do whatever needs to be done.
Ah. Well I suppose that leaves stripping the Apple bus interfacing
from the IWM and interfacing to that via Parallel or some other means.
Once this is done you've got a significantly reduced data rate to deal
with. A PIC or similar could do most of the work in this regard.