Rosetta translates user mode (not executing in CPU privileged mode) applications only. It does not provide an entire emulated Intel chipset that will allow privileged mode execution and support for the chipset features required for an operating system. Apple even says Rosetta does not support Intel hypervisor apps.
I’ll never say never, but what you want is very difficult to achieve today with acceptable performance. Try out QEMU and you’ll see what I mean.
