Some parts of TeX and LaTeX translate directly into a web setting, and I imagine it would be pretty straightforward to write an interpreter in Pollen/Racket that can process those parts of LaTeX files (cross references, bibliography management, etc). The rest is page layout and typography, which is what Pollen's for.
So a conversion tool would probably be useful (even if it would probably choke on pgf/tikz diagrams --- presumably there are already ways to convert those to svg separately, though). But the macro language is terrible. Most of what TeX gets right are things like page layout, hyphenation, page breaks, etc., none of which are affected by changing or keeping the macro language (and all of which need to be changed for the web anyway).
Besides, there are already acceptable ways of putting a LaTeX document on the web --- save it as a pdf and upload it. It's not the best way to put something online, but it's not much worse than a single long web page. Obviously, something like http://practicaltypography.com is much better as a website than as a collection of pdf files, but getting there from a single large LaTeX paper or book is going to take some amount of reorganization anyway. Converting the macros should be relatively easy. (especially with mathjax support)