If you're going to go to all this effort for an old target though, wouldn't the effort be better spent on making it an LLVM target? Then you'd get Rust and a bunch of other languages for free.
But maybe there are required parts of the LLVM IR that make this undesirable for certain targets, maybe requiring specific hardware features, I don't know. I guess also WASM-as-IR is a possible way to go. (Is that a thing?)
Edit: sorry I see that this point was already raised in this thread by ivanjermakov. Ignore.