Well, I finally finished it, even though it's more than 2 months past my goal. My PBASIC emulator now supports every command I know of (except debug), including multiple program slots. The GUI is fairly easy to use and gives clear output.
Anyway, it should be in the whitepapers section soon, but until then, it is available, as always, at my website:
http://FIRSTprograms.tripod.com
Check it out and let me know what you think!
(While you're there, take a look at its counter-part, the graphical program generator.)