Yes, literally this. No verilog decode, just looking for signals in the image of a 1 vs. a 0. For example, a 1 may be the existence of a transistor at a particular intersection of wiring.
So what you actually need is a program that navigates through the huge image of the die and detects if the structure that is looking at is a 1 or a 0? This at the fundamental level is a cross between machine learning and image processing?
Right. And the best way to think about microcode is as code for a wacky, custom VLIW processor that implements the programmer-level x86 (in this case) instruction set. Various fields in the microcode send signals to different parts of the processor to activate them, routing values along internal busses and between registers, functional units and memory to cause the processor to execute the x86 instructions.