Well, its "possible", but like evan said, you'd have to do some pretty extensive asm edits to the game. And right now, the dungeon mode code is not very documented at all.
But since exclusive items grant bonuses similarly, and IQ skills do the same as emeras, the basics you could re-use are there I guess.
It would be nice if some volunteers would like to map out the game's binaries though! That would speed things up a lot!