The other day somebody on the list had a use for something like
this
http://lua-users.org/lists/lua-l/2007-10/msg00394.html
I would believe that there is such a niche. However, I'd rather bet on translating the existing scripts into regular Lua off-line, to resynchronize as easily as possible with the Lua community. That's one of the very few cases where source->source transformation makes sense IMO.
But anyway, looking at metalua is always a good idea ;-) Moreover there's a preliminary AST->source dumper in the samples that woudln't take long to finalize (the only missing thing would be synchronizing line numbers between source and destination IIRC), and would open many opportunities for people into source code generation...