I feel like this is combining several different things that don't inherently need to be combined.
There's active work on Rust specifications with varying degrees of formality, but I don't think that would address the problem you're describing. Specifications don't make bugs go away.
There are, occasionally, regressions in rustc. We catch the vast majority of those before they hit the stable branch, but bugs do happen. We try to minimize them, and we also put out stable point releases with fixes.
I also don't think that having multiple Rust compilers would affect the problem you're talking about. On the contrary, you'd then have multiple different sets of occasional bugs to deal with, and multiple implementations with differences that you'd have to cope with.
Speaking personally, (and not wearing my language team hat), I personally don't see value in having multiple compiler frontends for Rust, given that rustc is Open Source. (I absolutely see value in having multiple code generation backends, but not in having multiple frontends.)
Finally, regarding an "LTS" release: stable releases of Rust are supposed to be stable, not stagnant.