It's a neat idea, but I really want to hear an experience report on the results. I don't want to throw cold water on this, because I want it to work and I think it might, but I have a fair amount of experience here[0] and can think of a number of reasons why it might go poorly as well. All we see in the OP is, "here's an idea that's cool (and it is) and I'm optimistic that it will work."

[0]I have taught courses where intro-level students write Scheme interpreters (in Scheme, in Java) and courses where students implement interpreters for higher-level languages, and courses (well, one so far) where they implement an actual compiler (for a subset of C).