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I came across this the other day:

 GNU lightning is a library that generates assembly language code at
 run-time; it is very fast, making it ideal for Just-In-Time compilers,
 and it abstracts over the target CPU, as it exposes to the clients a
 standardized RISC instruction set inspired by the MIPS and SPARC chips.

but I haven't tried it at all.

Perhaps this is a nice project for someone, although I wonder whether Lua's
semantics will allow much gain from JIT...
Plus, of course, Lua is already very fast :-)