Sure it does. Do you know that Lisp and Scheme have compilers? They target assembly even as dynamic languages, like JavaScript.
These are totally sensible. Look at: http://www.call-cc.org/
These are totally sensible. Look at: http://www.call-cc.org/
...which will also make it feasible to use other gc:ed languages without shipping an enormous runtime.
I'm not sure how much space just cutting out the GC will save?