I'd actually really like to see this. As far as how to go about doing it, yes use the last version of rubyamf lite - there is a tag in SVN. Here's what you want to do for integrating eventmachine..
1 Take a look at the source code for the last rubyamf lite. You'll notice that the current core architecture behind rubyamf rails hasn't changed too drastically from rubyamf lite. The biggest difference is that in lite - there were "adapters," but now we don't need them. I would say leave everything as is until eventmachine is integrated.
2 Integrate eventmachine into rubyamf lite.
3 Take out Adapters from RubyAMF Lite, then use the Deserializer/Serializer from the current RubyAMF version. You want those because they're much much faster. There will be a couple places where references to the rails specific version will nee to be commented out. it's usually just like one or two lines that trigger case swapping for incoming / outgoing VO's properties.
4. You'll also have to look at how custom class mappings work and the differences between lite and rails. the rails version has much better class mapping support, so id' take all that is necessary for that as well, and integrate into lite.
5 After integrating possibly do some refactoring if you think it's necessary.
So basically you want to integrate event machine first, but then switch some of the guts of lite to be the rails version, of course taking out rails specific code.
That would be the just of it.
-Aaron