I'm under the impression that you're more of a low-level/compiler person, but I suggest that a higher level language like (a memory-safe subset of) C++ actually makes for a more desirable "intermediate representation" language, as it's amenable to maintaining information about the "intent" of the code, which can be helpful for optimization. It also allows programmers to provide manually optimized memory-safe implementations for performance-critical parts of the code.
The memory-safe subset of C++ is somewhat analogous to Rust's in terms of performance and in that it depends on a non-trivial static checker, but it imposes less onerous restrictions than Rust on single-threaded code.
The auto-translation tool already does the non-trivial (optimization) task of determining whether any (raw) pointer is being used as an array iterator or not. But further work to make the resulting code more performance optimal is needed. The task of optimizing a high-level "intermediate representation" language like (memory-safe) C++ is roughly analogous to optimizing lower-level IR languages, but the results should be more effective because you have more information about the original code, right?
I think this project could greatly benefit from the kind of effort you've displayed in yours.
[1]: https://github.com/duneroadrunner/SaferCPlusPlus-AutoTransla...