Interesting. I'm suspecting we are going to see a lot of non-web use of wasm pretty soon.
I'm particularly interested in getting the AOT parts of LLVM, minus the optimization passes and other crufts, to compile wasm to machine code. A very slim wasm-to-machine-code backend.

It will be interesting to see a Node-like env for wasm, but without the JIT compiler since wasm is AOT-compiled anyway unless one is considering dynamic loading of wasm modules.
It would be spec-compliant and would allow all languages that target wasm to run on it.

I was going to start a wasm-to-x86 compiler, but felt I would be duplicating efforts and I probably wont go very far with it.
Projects like (https://github.com/WebAssembly/wasm-jit-prototype) and (https://github.com/kanaka/wac) are a nice step in the right direction.
If anyone has found any similar work being done, please share a link to it.