This is sweet! This is actually a very similar approach to how I deobfuscate Python bytecode: https://github.com/landaire/unfuck/blob/bfa164b4e261deffeb37...

My code is pretty messy, but I take the same exact approach of taking known function parameters, interpreting the instructions, and removing any condition and the instructions which built its arguments if it evaluates to a constant value. Even called it partial execution as well :p