In principle it can be done and I don't think clock speed is particularly important, at least during the initialization stages. Where I think you may run into problems is the allocation of addresses and IRQs. In an ISA system these are normally decided by hardware links or an addressable configuration register but in a PCI system you have to send requests to the graphics card for it to advise of it's options and then use these to set the final parameters. It's certainly do-able but the software is far more complicated.
I'm not sure JTAG would work, it is normally used for hardware programming and configuration before the card starts up under it's own control, I've never heard of it being used to actually define or display graphics.
Brian.