Yup, 8742/8042 are Universal peripheral interfaces. They have a simple microcontroller in them. MCS-48 assembly is very close but not exactly correct.
Branko and I are working on the same problem. I have two Zenith Supersport 286s, one iwth an 8742 and one with a 8042. The 8742/8042 are interchangeable between them, so they are very compatible. The 8042 from a different motherboard is NOT compatible. It's clear from logic analyzer traces that there is some intelligence in the rom program in the 8x42 that will eventually cause pin 32 to signal the rest of the board that it's time to wake up, acting as reset line.
The 8x42 in Branko's Zenith supersport never tiggers pin 32, however a logic analyzer shows the same frantic address/data communication that mine shows. At some point, mine is happy and the 8x42 hits pin 32 and wakes the rest of the board up. By reverse-engineering the rom code in the 8x42 we're hoping to understand the conditions that makes the program trigger pin 32.
(pin32 is "P15" on the chip, so I'd expect to see an "outl p1,a" with the accumulator containing a bitwise operation for p15 (port 1, bit 6?) and/or 0x20)