I believe this is essentially the long-term goal of V8 with Ignition: an interpreter written in what is essentially a macro-assembler (which mostly just relies on the code-gen from the JIT, as I understand it, so you get as much portability as the JIT has for free) and TurboFan as the only JIT tier (unless they have some plan for multiple tiers varying only in what optimizations are enabled within TurboFan, similar to Chakra?). Of course, this is still very different insofar as TurboFan still ultimately works at the function level, whereas LuaJIT 2.0 uses traces.
An interesting counterpoint is JavaScriptCore, which has both an interpreter written in a portable assembly and a baseline JIT. Presumably they believe they get enough of the gain from it to justify it?
What surprises me with Pyston is the fact that they're heralding one of the big gains of the baseline JIT as being inline caching, "[transforming] the bjit from only being able to remove the interpretation overhead to a JIT which actually is able to improve the performance by a much larger factor". Surely the better fix then is to use inline caches in the interpreter, given that'll give most of the speedup?