https://llvm.org/docs/LangRef.html#calling-conventions
My understanding is, for "fast path" instructions (e.g. integer addition) there's no register spilling necessary, so passing VM state in registers makes sense. For more complex instructions, you rely on LLVM to optimize registers as it would normally, with callee-saved registers. Of course, one must still pass as little state as possible - e.g. just sp, cp, maybe top of stack / heap, and then a pointer to *vm_state for all the rest.