I wonder if this would also be a great fit for the MAS3507D! Supposedly you can replace the program with your own in a 1-kiloword RAM (the default MP3 decoder is in ROM, and probably larger). If you can fit this codec in 1024 MIPS instructions, perhaps you can do the same in 1024 of these DSP instructions…

Too bad there is seemingly zero public documentation on the format of these programs, though (and no emulator or similar).