The initial ELF toolchain has been completed, and some of the initial assembly code and include files have been written. The current holy grail is the bash prompt :-). The other biggest part to this project which hasn't been started yet is getting glibc going.
A VAXstation 3100, and an i386 linux box to cross-compile on, a VTxxx series terminal attached to the VAX, and a network.
Read Documentation/vax/README at ftp://linux-vax.sourceforge.net/pub/linux-vax/README.vax. This describes howto download the compiler and kernel, and set up the MOP boot.