Joseph Propati left a comment here to let us know what the current status of his board game adaptation of Ultima 1 is. As it turns out, the game is very nearly finished:

As of 7/12/2013 I have completed 99% of all the gaming components, which I have uploaded to the BoardGameGeek.com upload file section! The only remaining game components left, which I will complete by this weekend, are the final battle map with Mondain and his Non-Player Reference card!

Once these are completed I will put all focus on the rule book, which is going to be huge by the way! The rule book will have all the original manual text included plus new descriptions and text, a large number of images and examples for easy reference, and a full breakdown of the entire game. I’m going to take the player step-by-step throughout the entire game mechanics and hopefully in the process I will have recreated the magic and excitement that is Ultima 1, but in a PnP Board Game format

For now, you can find downlodable artwork for the game’s boards, cards, and other materials at its BoardGameGeek page; I will see about adding these to the project entry in the near future.