Well finally finding some time to make this project a reality. I'm working on the prototype now and will be finalizing the PCB shortly and ordering the first batch of board next week.
Assuming there are no surprises I'll be making them available for $11 plus shipping. That would be for the PCB and full blown MMC3 512KB (PRG & CHR). Also includes power regulator (3.3V), power and noise caps for mapper.
It is possible to get down to my original goal of $10 but mapper optimizations have to be made to allow for a smaller CPLD. Basically that means the modes are fixed and the ROM limit is 256KB PRG 128KB CHR. That would work for many games but not all obviously.
Additionally it'll be a MMC1 compatible board that only needs one of the larger CPLDs for $8.
PCB alone will be $5
Some more details:
EDIT: *** The cpld is a 3.3V part that is 5V tolerant. *** This means you can run it in a 5V NES with no problem, but it will drive it's outputs to 3.3V. You can select your own parts to ensure Vih is satisfied (fine for most parts). The only thing you might question is things like CIRAM A10 that's the cart controls. I've tested and verified that this is not an issue and performs great. This isn't of much concern, but I want to fully disclose everything.
* It's a larger board ~10cm (4") square. And will have some 'perf board' style space to allow for simpler mapper testing, demoing, and prototyping all on one PCB (crazy things like NROM-368 etc...). My goal is around the size of a 40pin DIP (room for AY-3-8910???) or more of free perforated area. I'm considering preconnecting some of the holes for a 8x flipflop's inputs for super UNROM style that would require running some extra connections manually.
* 32 pin EPROM for PRG/CHR
* 28 pin 0.6" DIP and SOIC WRAM
* SOIC VRAM 32KB (possibly DIP, but not pushing for it at the moment)
* CIClone, and Jim's Cool CIC (8-soic) support. Jim's Cool CIC should be available soldered on at a low cost (details to come). Possibly FCB CIC support as well.
* Battery backing compatibility
* Gold plated finish and 0.47" board thickness (no surprises...)
* A probably maze of jumpers to allow for configurationability. Things like four screen mirroring and such. Although I'm going to try and keep it simple for common set ups and let any complex choices get resolved in the perf area.
* Extended connector "fingers" that actually go INTO the shell of the cart. That way something like EXP pins can EASILY be tapped off without hacking away at the cart shell like you do with original carts.
Don't have much of a solution for cases. Retrozone is the place to go for these. If demand for these boards grows enough I'll consider ordering a large amount from him and reselling them at cost to save people shipping from two separate places.
I'm also stocking up on the rest of the parts required to populate the board. Once I figure out how much time in involved with assembly I can provide assembly costs. But if you want to buy the unassembled parts from me it'll be something like:
Parts ONLY:
$1.50 32KB soic SRAM (<5uA stby current should be decent for battery backing).
$1 power caps, diodes (SMT), clip, and battery.
?? ROMs
So everything above is about as low as I could get the cost. I'm only ordering a few dozen boards and parts worth for now. I'll guarantee the above prices until that stock is gone. Prices are subject to change for future orders, but I don't expect them to change. If it looks like the demand will suck up everything quickly I'll consider ordering more to start so there are enough to go around. Additionally if these become popular enough for a second run and enough people request, I'll order some 60pin famicom versions the second time around. Although expect a ~$1-2 more due to lower quantities to start.
I'm just letting everyone know this is becoming a reality and wanted to see what the pulse was on what if any immediate demand there may be for these. Release is expected in late September after I've had a chance to assemble a few and verify everything.
If you have any feedback or final suggestions before I finalize the design feel free to let me know. I'm still at the point I can consider requests, but act fast because the I'm trying to order boards next week.
EDIT: Additionally around the time I'm ready to release them I'll publish my MMC3 logic design so there are no mysteries of what's going on inside.

If you're gonna play the Game Boy, you gotta learn to play it right. -Kenny Rogers