Presumably, if it was a blob, it could also be stored in local storage/indexdb/filesystem API? Is the internal format supposed to be architecture neutral, or dependent? I can see arguments for either, but if it were neutral, than the blob conversion could be done offline/statically on the server, and downloaded by the client dynamically (e.g. XHR to fetch function blobs). If it were architecture dependent, then I could see advantages as well, letting the browser vendor choose the optimal form of the blob. This would potentially yield better performance, but you wouldn't be able to host blobs on the server.
Anyway, cool idea.