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I'm skeptical that there's any JIT for any programming language that can match the raw performance and memory efficiency of LuaJIT

I’m sure all the modern JavaScript JITs would beat LuaJIT for raw performance. JS JITs were already faster when I compared them several years ago and have only improved since - whereas LuaJIT has almost been standing still for a decade.

> whereas LuaJIT has almost been standing still for a decade

LuaJIT 2.1 improved a bit (~7%) from 2017 to 2023: http://software.rochus-keller.ch/are-we-fast-yet_LuaJIT_2017...

The Mono VM is about twice as fast, V8 is even a bit faster: https://github.com/rochus-keller/Oberon/blob/master/testcase...

This is a baseline JIT, so it will be slower than LuaJIT (which has a sophisticated optimizer).

> The existing luajit doesn't do v5.1, so it would be nice to use this newer engine at the newer baseline lua version level.

LuaJIT only does v5.1, but does have some non-breaking features from v5.2 and a few optional 5.2 features which could break 5.1 compatibility.