This idea is going to be part of my "ultimate" test bench.
Native hardware functions on the GPIO pins are I2C, SPI (two chip selects), UART and JTAG, although optional handshaking pins can be defined - USB emulation at Low Speed/Full Speed (1.5/12 Mbit respectively) is also possible.
A powerful function which can be implemented is the emulation of "devices" (I2C, SPI and UART) in Slave mode (e.g. a 24LC02 EEPROM at Address 0x50 (Read/_Write) emulated by the Raspberry Pi) of the above buses up to a certain clock rate, and it can also support emulation of multiple I2C "devices" on the same bus.
For interfacing to logic levels other than +3.3V (+1.65 to +5V), bidirectional voltage translators such as the TI TXS0108E can be used and are available as premade modules; this device is rated at 110 MHz for push pull and 1.2 MHz for open collector (suitable for I2C Fast Mode Plus at 1 Mbit) although pullup resistors are required on certain pins of the Raspberry Pi due to hardware characteristics.