Javascript VM´s these days are fairly complex beasts with huge amount of man-hour and expertise. Also technically this would be a inferior solution as compared to what V8 did with its interpreter in Turbofan (and SpiderMonkey are doing now as presented in the article), by generating pure assembly through the turbofan backend (the same technique used by LuaJIT before with great success).
By the way lets not forget we are talking about Mozilla here, were a couple of more misguided projects could mean the abrupt end of the organization who is suffering to keep its market share in the browser wars.
There are a couple of things that could take some advantage for being re-coded in Rust, but modern super-powered javascript VM´s are hardly one of those things.
Of course, if in the sidelines someone craft a JS VM in Rust, and after IDK, 4 years, you have a mature enough JIT VM, maybe there will be a reason to move, but Mozilla itself investing its unsustainable, limited and in the brink of extinction funds on something that will require a lot of money and that in the end will get you basically the same perfomance as the old C++ jit, its a pretty bad move.