Q4) I found a reference from one of the Lua authours mentioning he had thought about making cross compilation a Luac feature. This would be a useful feature for me personally, is this a likely addition for Lua V5.2 or even V5.3 ?
No, it's unlikely to be added to mainstream Lua. Crosscompiling Lua bytecode
is a lot of work to do it correctly for all platforms. Moreover, it
would place a burden on bytecode loading, whose main goal is speed. It's
usually light work to do crosscompiling for a fixed pair of source-target
platforms. You just need to change some details in ldump.c or lundump.c
(probably the former, to allow full speed loading).