Since I asked the original question about CP/M emulation I thought I should share what I had been using to prompt it:
This emulator has BDOS integration directly to the filesystem (no getunix/putunix because it just sees the host directory): https://github.com/jhallen/cpm It seems to work well in some respects, but fail in others. For example, I can WINSTALL wordstar 3.3 and run it, but it crashes while saving -- but only if the document is not a .BAK file. Disabling backups doesn't fix this. I can run the WINSTALL equivalent for WordStar 4, but it dies early in the process. Many other commands work just fine. It also has a non-BDOS integration mode that will use a disk image. I have not tried it but since my problems all seem to be around file access, it might work better. In any case, this is another option for folks looking to get something set up on the computer in order to work with their REXCPM.