I'm all for rewriting things from scratch. That's why I'm doing a new Wasm engine from scratch. But reusing TurboFan is how we took Wasm from concept to near-native performance, shipped in Chrome, in 2.5 years.
That's all well and good - but, again, the spec will be around for decades. Compromises made today to ship things faster means a lot of pain in those years ahead. I pity all the compiler writers who will have to implement relooper again and again.
But instead we'll probably do things like asm.js - that is, bless certain wasm patterns such that advanced VMs would be guaranteed to optimize them. And so everything will be way more complicated than it needs to be. Just like the JS stack today.