Genymotion with ARM translation
You can use genymotion (the personal use version is free) with an Oreo ROM + ARM_Translation_Oreo.zip (google the filename to download it). Once you download the zip simply drag-and-drop it into the emulator window, accept the prompt and then reboot the emulator. It's not a lightweight solution since genymotion uses virtualbox as a backend but it works way faster than google's arm images available with android studio.
Standard Android emulator with an ARM image
Another option (does not answer your question directly) is to actually use an ARM image instead of X86. In Android Studio > Tools > AVD Manager > Create Virtual Device when prompted to Select a system image select the Other images tab and pick an arm-based image — those images will run VERY slowly compared to X86. You will get a warning that it's not recommended, but you might get acceptable performance if you select the oldest API version possible (depending on your needs) with a low screen resolution.