The market is speaking, and it's saying that JavaScript needs to go.
Besides, there are numerous proven VMs and runtimes that could either be used directly, or at least used as a model if a new system is needed. NaCl and PNaCl have already shown one much better approach that is possible. Your "10 years" estimate is not based on reality.
And frankly, no, I don't think any proper VM or runtime would ever end up as bad as JavaScript is today. No other language, aside from perhaps PHP, exhibits so many inherent, fundamental flaws. It would take significant effort (and ignorance) to duplicate the same degree of mistake and flaw.