Been there, done that during my PhD (code: [1]). Works reasonably well, except for compile times (for which I implemented a caching strategy). However, due to calling conventions, using LLVM isn't going to give the best possible performance. Some features like signal handling are extremely hard to implement with LLVM (I didn't, therefore). Although the overall performance results have been good, it's not an approach that I could strongly recommend.
[1]: https://github.com/aengelke/instrew