Qemu 0.9.1 has support for zaurus emulation, so I gave it a go with yonggun-kernel and ZDevil's debian-eabi image.
In turns out to be about half the speed of the zaurus. (on Pentium4 2.2Ghz)
For those interested in trying, I made a qcow2 image of the rootfs:
Install Qemu 0.9.1, and launch with:
qemu-system-arm -M terrier -portrait -mtdblock /dev/null -kernel yonggunKernel.hda1 -hda zDebian.qcow2
I wasn't able to make network work though.