Good news. It is totally doable.
Even better news: I might have a download ready for anyone interested by the end of this week.
Also, it will include a --headless option to run without X/UI.
I don't think a Raspberry version of ERA would have a big enough audience to justify adding it to the base package on RPGNow, but I could assist anyone interested in keeping it up to date as newer versions of ERA are released.
Imagine this: now you will be able to carry ERA in your pocket. If you get a Raspberry with WiFi, you could configure it to start ERA as a service as soon as it's plugged in. So, instant character creation and adventuring available to anyone in your local network, just by plugging a pocket watch sized computer. If only there were hundreds of people needing this tech...