I'd like to report back on my experiences getting APE working. It took me longer than it should because I had my serial card misconfigured. After I got that straightened out, it worked like a charm.
I used a single laptop running both HyperTerm and APE and connected to my IMSAI through two USB-to-serial adapters. I had made the IMSAI-side bootstrap program (about 20 bytes) into a HEX file so I can upload it to memory using my monitor. The bootstrap loads a secondary cold-start loader from the disk image and jumps to that. After that, it's CP/M. Yeah!
I haven't investigated all of the utilities and such, but it looks like a great program.