I thought we tried this with Google's NaCl and nobody liked it; the WASM problems don't seem to be particularly related to the instruction set, but rather to its lack of OS services; you'd need to reinvent those for a NaCl-like.
Whether it's NACL/VMWare/WASM/whatever the technology for emulation has been around for decades.
I guess I'm not sure why WASM is so special it needs a decade to come to fruition.