I've been doing something very similar for templating static HTML sites amongst other things - you can interpret any string as a JS template string:

    function jstsEngine(string = '', environment = {}) {
      return new Function(
        ...Object.keys(environment),
        'output={}',
        'return [`' + string + '`, output]'
      )(...Object.values(environment))
    }

Link with examples: https://github.com/tomhodgins/jsts-engine