Just install vanilla Raspberry Pi OS for your Pi 5, and install RetroPie using retropie-setup
install lr-retro8
using RetroPie-Setup (easy way to get a Pico-8 menu option we can modify to our own ends)
Download the Rasberry Pi distro of pico8 and copy the unzipped pico-8 dir to /opt/retropie/ports/
maybe sudo chmod -R 755 /opt/retropie/ports/pico-8/
touch ~/RetroPie/roms/pico8/Splore.p8
, launching this dummy cart will launch splore. IDK what zzzsplore.p8
is but it doesn't work and looks ugly in the EmulationStation UI.