So, there's a cheap source of BluePacket BP20422s in small quantities - $35 if you just want one, shipped in the US. It's a bluetooth HID module, so that means it can control a keyboard or mouse, and send the commands over bluetooth.
The BP20422 can decode keyboard matrices and run LED displays (such as the num lock, caps lock, and scroll lock LEDs.) So, it can do everything that the Model M's internal controller does. (It'd almost be easier if it supported PS/2 or even USB, but you can't get everything.)
I'm wondering... how hard would it be to wire one of these up for use in a Model M?