I've had something like this for a long time. (Since some time before 2010, actually.) I used it regularly to "play" Dwarf Fortress on a 300MHz machine over the Internet and over laggy wireless. Now I've turned its guts into a general-purpose protocol, and released client and server code as open source... so I spent yesterday and today updating the Dwarf Fortress side of the equation, and finally released it in a form others can use.
Behold
dfstream. It's a shim that sits between SDL and Dwarf Fortress, turning it into a TTTP server. In terms of utility, it's similar to dfterm (which I found out about for the first time today), but instead of using telnet it uses TTTP. TTTP clients can use any font Dwarf Fortress can, and have comparable display performance. It's not (and never will be) compatible with graphical tilesets or with TTF fonts, because of the nature of the TTTP protocol. (This version of the server also only runs on Linux, and *maybe* OSX. Definitely not Windows. Windows TTTP
clients are totally fine, though, and someone who doesn't hate Windows programming the way I do is free to make a Windows version of the server.)
Because of the way it works, it's automatically compatible with new versions of Dwarf Fortress, and also with DFHack. (In fact, it might even be compatible with other DF-like games that can use 2D SDL for display.) I used the same prototype version of this shim for dozens of versions of Dwarf Fortress from 0.31.02 all the way up to 0.42.05, and---luckily, even when I switched to playing with DFHack---never
once had to make a compatibility change. As far as Dwarf Fortress is concerned, it's displaying a totally normal window with a strange-looking font.
Install 32-bit PTH and GMP development libraries, do "git submodule update", and "make"... that should be all it takes to build. Directions for setting up, running, and connecting to the server are on the page I linked above.
Sorry about the messy state of the code. Some code from the original prototype-of-the-prototype is still in there, dating back to 2009, and in an attempt to avoid stepping on libstdc++'s toes I wrote it all in restricted GNU C99...