If you are going to do something like that then I would like to have the ability to log the outputs from the ports and have timestamps on the outputs, the ability to hook the serial input/output to something like hyperterminal and the ability to simulate external components in c for example and be able to hook those to the simulator so you could write a behavioral description of some ram for example and the simulator would then simulate that as if is was connected to the 8052.
I have to say that I have absolutly no idea how you would achieve the later part but I would be very impressed.