I've been fiddling with a microtype configuration for Junicode. Right
now it's very simple, dealing only with character protrusion and not
covering a vast number of characters. If anyone's interested in trying
it out and making suggestions, here is the current version:
http://faculty.virginia.edu/OldEnglish/secret/mt-Junicode.cfg
It will work with the version of XeLaTeX in TexLive 2010, and with the
preliminary version of microtype here:
http://xetex.tk/mediawiki/index.php/Main_Page
You can just put the mt-Junicode.cfg file in the current working
directory, and XeLaTeX will find it.
Thanks,
Peter
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