No, it still won't work. This doesn't account for code that dynamically jumps into various parts of code or performs run-time modifications to the code. Static analysis cannot account for these.
The only way to do this reliably is to perform the translation run-time, that is JIT.
Piru is absolutely right that self modifying code will never work via a translation process, thus requiring JIT.
And as bloodline has pointed out this is better suited to faster processor.
And again, bloodline has pointed out that this is just a project for the fun of it.
Don't expect me to leave behind NG OS' anytime soon.