This sounds a lot like the approach taken by GraalVM. Can someone better versed in this area comment?
So I think it is related, if not even the same thing. Plus, GraalVM also does JIT out of box. And it has GC.
That said, it's not all rainbows and unicorns, GraalVM has higher memory usage and is only 10-15% faster in production usage. AFAIK, Twitter is using it in production.