I had been thinking about this idea for a long time, but I doubt I'll be able to get around to it. After speaking with a friend this evening, I decided to just jot it down for anyone interested.

Basically, use copy-and-patch compilation in a vector language to fuse loops and avoid temporaries. It can be employed for a baseline compiler that will use less memory than an interpreter and will have a much lower startup cost than an optimizing compiler.