The gap in understanding between 'here are a bunch of bits that appear to do 'x'' and 'x' is vast, far larger than the gap between say being able to build a compiler to have an executable perform in a certain way.
If anywhere that is where the real breakthrough will be, in being able to effectively map the chain of binary bits in a genome to a certain phenotype in a mature organism without any 'leftover bits'.
Once you have that chain of causality mapped out in enough detail to clearly link all causes with their effects you can start engineering something to act in a way that is far outside what we normally find in nature.
I'm not sure if I'm expressing myself clearly about all this, maybe someone more versed in the matter can chime in but the path between DNA and organism is a lot longer and less well understood than the path between a low level language program and the resulting output of that program. Just having a 'compiler' will not change much about that understanding, though once we have that compiler we may be able to advance our understanding by a more direct approach in modifying pieces of an existing genome to observe the effects in the organism. For sure it will speed things up.
edit: if we did have that understanding it would be trivial to create a digital representation of a (simple) organism from it's sequenced DNA. The fact that we are nowhere near capable of doing this is a simple proof that merely being able to create a certain sequence of bits will not give us the capability to create organisms to order.