Well, it doesn't have to be
that bad. Growing up, I played Quake 2 on a Pentium 120. Barely hit 15 FPS, but it was something. Quake 3 with a bunch of features turned off (bump mapping, filtering, low detail geometry, etc.) and a low resolution must run way faster than that. It was only 1999, it's not like it's Source or UE4.
Software renderers have been kicking ass for a long time, at first of course because they had to, but that doesn't explain this beast very well:
https://www.drdobbs.com/architecture-and-design/optimizing-pixomatic-for-x86-processors/184405765Such a feat would of course take a serious amount of work to port over to a completely different instruction set, and extensions, but I have no doubt that some quite reasonable looking scenery could be drawn in real time; if probably not full screen HD.
Let alone ported over to raw VHDL; that'd be quite some work indeed. But with FPGA fabric to do the heavy cranking, look for some open graphics cores maybe, it should be quite possible to implement a reasonable subset of OpenGL. Maybe it could even deliver full HD?
Tim