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You don't need a VM for that, just as portable assembly kind of.

OS/400 binaries use portable bytecodes which are compiled into native code at installation time.

Alphas had binary translation between binary formats.

From your description that sounds very similar to NGEN-ing your .NET apps during install time, which is a bit fiddly but one .NET deployment option.

Yes, however ngen has the caveat that the required .NET version has to be present on the system.