Based on my previous question about JTAG:
Answer: No
JTAG is a bit-serial interface that runs at a maximum of 100 Mbits/sec, including all of the overhead bits for the protocol. That's something less than 12.5 Mbytes/sec of actual data. If you want to record 64 bits (8 bytes) @ 3 GHz, that would produce 24 Gbytes/second of data, more than 2000× what the JTAG interface can handle. - Dave Tweed
My thought about this is: Considering the potential security benefits of monitoring with external hardware and even observe rootkit level malware, maybe if the bandwidth upgrade were possible, specialized CPUs / boards might be viable for companies willing to spend big dollars on such a feature. I work in malware analysis and it can't be understated how much of an advantage such a feature would yield to the field of malware detection.
Edit: And since it's not necessary to track 64 bits / cycle (register state changes) but rather just track instructions (you can re-create register state changes from instructions and average instruction length 1-3 bytes), we can cut the requirement down from 24 Gbytes/second of data to 6 Gbytes/second. Not that it really seems to change much.
So from an electrical engineering perspective, could such an upgrade to JTAG's bus bandwidth be viable, or are there design factors that make it a very difficult or perhaps impossible goal?