I was only thinking that it would be internal. Your server point is good, but I think way, way harder, and kind of starts the whole project back at the beginning: how to design a standard, efficient, optimized bytecode format. So I think it's probably not really feasible.
Not the same, but an additional optimization you can do is incremental compilation. Because you have JavaScript's eval, you can download the code a bit at a time and optimize (and cache via FunctionBlob) each piece.